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Pirelli buys minority stakes in Turkish units

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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."

 

 

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