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 Tyre acquired 25.75 percent of Pirelli Turk Lastikleri and 48 percent of Celikord from Isbank. A further 1 percent stake in Celikord was also purchased from other shareholders. According to Pirelli, it now owns 95.35 percent of Pirelli Turk Lastikleri and 100 percent of Celikord. (Courtesy of Tire Review/Tyres & Accessories/Staffordshire, U.K.)