Pirelli stops the investing in Russia

Italian tire manufacturer Pirelli stops the investing in Russia. The work of factories in Russia will be gradually limited by those activities that are necessary to ensure the payment of wages and social services for employees. Pirelli's facilities in Kirov and Voronezh have about 10% of the company's global tire output. Recall that in December 2011, a joint venture between Pirelli and the state corporation Rostech acquired the Kirov Tire Plant from the Sibur holding, its production capacity is about 6 million tires per a year. In February 2012, the joint venture acquired the Voronezh Tire Plant, which is focused on the production of premium Pirelli tires.

The production volume is 2 million tires per a year, while the plant's capacity allows the increasing of production volume in case of favorable market conditions. Since the acquisition of both enterprises, the introduction of new technologies has begun, the organization of work processes in the field of logistics, quality control, production has been revised, thereby ensuring that the products manufactured meet the high standards of Pirelli.

Pirelli's total investment in Russia exceeds 470 million Euros: 222 million Euros have already been invested in the acquisition of assets by the joint venture, more than 250 million Euros have been directed to the modernization and development of two plants. Both enterprises employ more than 2,500 people.