Pirelli Retains Sustainability, Ethics Leadership
Within its segment, Pirelli was the only Italian company that achieved worldwide leadership, with a global rating of 88 percent.
Pirelli Opens New Vancouver Warehouse
Operations at the new facility, which is dedicated to servicing customers in western Canada, will be managed by Schenker Distribution.
Pirelli Acquires Minority Shareholding in Turkish Tire Units
Pirelli SpA’s tire division has purchased minority shareholdings in the two tire companies it controls in Turkey. Pirelli paid approximately $63 million for the shares. These purchases were made, Pirelli said, in order to strengthen the group’s position in what it regards as a strategic country.
Pirelli Joins Price Hike Round
Pirelli Tire North America is increasing prices in the U.S. up to 7 percent as of Nov. 1. The increase will cover all of Pirelli’s passenger and light truck/SUV lines. (Courtesy of Tire Review)
Pirelli Says it has No Interest in Continental
Pirelli SpA stated publicly that it has no interest in making a run at Continental AG or any of its business units, according to reports. "We have had no direct or indirect contact and have no interest in either Continental or its tire division," a spokesperson for Pirelli said in reports. Some European stock analysts
Pirelli Carlisle Cuts 60 Manufacturing Jobs
Pirelli’s Carlisle, England, factory, which employs 1,000 workers, is set to cut back 60 jobs from the firm’s operation due to foreign competition and lost orders, say local news sources. The job cuts are to come into effect in the fall of this year. Pirelli’s spokesmen have told news sources that the cuts are necessary
Pirelli Completes Group Buyback
Pirelli SpA has closed its repurchase of its tire group, buying out the remaining 19.19 percent owned by Speed SpA. Speed SpA is a consortium of investment banks that purchased a 38.9 percent share in Pirelli’s tire operations. Earlier this year, Pirelli agreed to reacquire that stake from Speed for an estimated $1.3 billion. (Courtesy
Pirelli’s Mauro Pessi Named Brembo Managing Director
Following the consensual exit of the former managing director Stefano Monetini on May 20, Brembo’s board of directors, chaired by Alberto Bombassei, has offered Mauro Pessi a seat on the Board of Brembo S.p.A. Pessi was also appointed managing director.
Pirelli Eyes Conti Truck Tire Division
Pirelli has expressed interest in acquiring Continental AG’s truck tire division. "We are looking at all attractive targets. Truck tires are definitely interesting for us," Pirelli Chairman Marco Tronchetti Provera told German newspaper Handelsblatt. The paper reported that Continental has not ruled out selling its truck tire unit because its margins remain below expectations.
Former Pirelli Chief Forms Consultancy
Former Pirelli Tire North America chief Gaetano “Guy” Mannino has formed his own consulting firm and trading company. Mannino’s Verdek is based in Rome, GA, and will have offices in Connecticut and the Tuscany region of Italy.