Pirelli buys minority stakes in Turkish units
Pirelli & Cie SpA's Pirelli Tyre unit has acquired minority stakes in two of its subsidiaries in Turkey for 43 million euros.
"The transaction strengthens (Pirelli's) position in a strategic country in terms of production, sales and logistics," say company officials.
Pirelli bought a 25.75% stake in Pirelli Turk Lastikleri, which produces passenger and industrial tires, and a 48% stake in Celikord, a steel cord manufacturer.
"Under the transaction, Pirelli also purchased from other shareholders a further 1% stake in Celikord."