By Oliver Hall
Pirelli has secured $149 million in financing from the European Investment Bank (EIB) to support environmentally related tyres research and development projects through 2012.
The loan will support the Italian tyres manufacturers R&D into product and manufacturing process innovation for reducing the environmental impact of tyres and improving their performance and safety standards related to innovative materials and components.
The parties did not disclose the loan’s repayment terms but said the loan is part of a $300 million credit line Pirelli secured with the EIB in July.
Marco Tonchetti Provera, chairman of Pirelli, said: “The loan from EIB represents a contribution to and an important recognition of the research activity of Pirelli….
“…this effort shows us committed to development of products and processes that are more and more ecocompatible — that is, oriented towards adopting technologies that offer customers not only safety and high performance — but also solutions which are respectful of the environment.”
EIB said the loan reflected its policy of supporting investment in projects that reduce pollution.
Dario Scannapieco, vice president of EIB, who oversees the bank’s activities in Italy, Malta and the western Balkans, added: “We are happy to continue our tradition of supporting the Pirelli Group…(which is) placing great attention on the goal of reduction of polluting emissions.”