Pirelli to invest $100 million in Brazil
Pirelli & C. SpA has announced plans to invest $100 million in Brazil to facilitate the prodction of more radial construction, farm and OTR tires for the South American market.
"This strategy to strengthen in Brazil in the segments of earthmoving and agricultural vehicles will consolidate the leadership of the Pirelli Group in Latin American markets and aims to satisfy increasing demand in these areas," say Pirelli officials.
Brazil -- where Pirelli has a plant in Santo Andre -- is expected to be one of the fastest-growing markets for construction and earthmover tires through 2013 with a predicted annual growth rate of 37%.
Pirelli wants to increase its sales in Brazil by more than 10% over 2008 levels.