MILAN (Sept. 26, 2001)—Pirelli S.p.A.'s plan to sell its commercial vehicle tire business does not include its truck tire activities in South America, nor its plants in Turkey and Egypt, according to Francesco Gori, worldwide marketing manager for Pirelli Tyres S.p.A.
Speaking at the launch of Pirelli's [email protected] run-flat tire in Milan, Mr. Gori said Pirelli is not in a hurry to sell and will only part with the businesses if it can create value by doing so. The Milan-based company announced in early August it was seeking buyers for its commercial tire and energy cable businesses.
The truck tire activities encompass seven plants in six countries on three continents, and represent 33 percent of its tire division sales, or $875 million in fiscal 2000 revenue, according to Pirelli documents. Only two of the factories are dedicated to truck tires, and the others are mixed product plants. Pirelli does not sell truck tires in North America.