ERJ staff report (DS)
Sao Paulo, Brazil - Pirelli has signed an agreement with the Faria da Silva family to acquire 60 percent of the company equity of Campneus, one of Brazil's major tyre distribution networks, for a value of approximately 54 million reais, equal to 22.5 million euro, and subject to adjustment on the basis of the asset situation on the closing date.
In line with the 2012-2014 industrial plan presented in London last November, with this operation Pirelli intends to strengthen its leadership in the Brazilian market both in retail and wholesale distribution, focusing on the higher growth Premium segment and increasing the number of Pirelli owned (Pirelli Pneuac) points of sale from the present 48 to 102.
The 54 Campneus points of sale included in the agreement are already part of Pirelli's distribution network in Brazil, which counts over 600 points of sale in total. The Campneus stores, which will continue under the same brand even after the closing of the operation, sell the complete range of Pirelli tyres for cars, light-trucks, trucks, buses and agricultural machinery, as well as for earth moving and off road equipment.
The agreement is subject to approval by CADE, the Conselho Administrativo de Defesa EconÃ´mica brasiliano, and finalisation is expected at the end of the first half of 2012.
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Press release from Pirelli