Pirelli wants joint venture in Russia

Pirelli & Cie SpA is negotiating for the creation of a passenger, light truck and heavy truck tire manufacturing joint venture in Russia.

Pirelli is in talks with Russian Technologies, a legal body established by the Russian Federation government that helps manufacturing companies develop, produce and export industrial products.

The parties have signed a letter of intent, which Pirelli Chairman Marco Provera says "is the first step towards establishing an important industrial presence of the Pirelli Group in Russia, a country in which we have a long commercial tradition... and in the next few years will become one of the major world markets in the automotive sector."