By Alex Kapadia
A joint venture between Pirelli and Russian Technologies plans next year to acquire an existing tyre plant in Russia.
The Italian tyres manufacturer and the state conglomerate made the announcement in a joint statement last week.
The acquisition will be in addition to the joint venture’s plan to build a new plant in the Samara region of Russia for production of tyres and metal cord.
Pirelli says that establishment of the factory will begin as soon as the Russian authorities reach a decision on the area for production of automotive components, which is expected in the second half of 2010.
The tyre-supplier believes that the new factories, together with the expected acquisition, will guarantee manufacturing capacity of more than 4 million pieces within five years of construction and will employ 1,500 people.
The new agreement was signed in Rome, Italy in the presence of Russian President Dmitry Medvedev and Italian Prime Minister Silvio Berlusconi, by the Director General of Russian Technologies Sergey Chemezov and the Chairman of the Pirelli Group Marco Tronchetti Provera.