Pirelli decides to keep commercial division
Pirelli SpA has decided not to sell off its commercial tire division, according to Tyres & Accessories. Instead, Alberto Pirelli will run the division from the company's Milan, Italy, headquarters.
"Pirelli is in the best position to manage and develop its assets, as demonstrated by its improved performance against major competitors. And given the Group's ability to finance its own growth, there is no necessity for any sale," said Pirelli Chairman Marco Tronchetti Provera. "Restructuring within the Pirelli Group and its new three-year plan show good prospects in terms of profitability and cash
At a Milan press conference in July of last year, Provera said Pirelli was interested in selling its truck tire division as well as some of its cable activities to reduce its debt.
His statement followed Pirelli's purchase of controlling interest in Telecom Italia and the mobile phone company TIM for 7 billion euros.