The state-owned Russian Technology corporation and the Italian-based multinational company Pirelli will invest $387 million in a project to build a tire plant in the Volga city of Togliatti, Pirelli said Tuesday.
A preliminary agreement on the major details of the future joint venture was signed by the chairman of Pirelli, Marco Tronchetti Provera, the head of Russian Technology, Sergei Chemezov, and Samara Region governor Vladimir Artyakov in Moscow on Tuesday. “The Russian company will build a tire plant with an initial annual capacity of around 4.2 million car and industrial vehicle tires,” the company said in a statement. “Investment will amount to approximately €250 million [$387 million].”
Italian media said, citing unnamed Russian government sources, that the final agreement to build the plant, with an expected annual turnover of $100 million, was due to be signed in Moscow on August 7.
Pirelli & C. SpA, listed on the Italian Stock Exchange, is the parent company of a multi-national group active in more than 160 countries with 135 years of industrial experience. Pirelli Tyre is the fifth tire manufacturer in the world in terms of sales revenue and leader in the high-end segments of the market. (rian.ru)