European Investment Bank announced it signed a financing agreement of €50 million with Pirelli. The loan will finance an increase in tyre production for cars and light commercial vehicles in Pirelli’s production facility in Slatina, Romania.
“The loan will finance an increase in tyre production for cars and light commercial vehicles in Pirelli’s production facility in Slatina, Romania. It will be used within the context of the EUR 250 million in investments previously announced by the Group for its Romanian activities for a three-year period from 2009 to 2011”, EIB said in a release.
The investment is designed for the upgrade and expansion of the existing facility for the manufacture and treatment of elastomer-based products.
Pirelli Group posted a net profit of €6.3 million in the first half 2009, on improving operations in the second half.
The group’s sales reached €2.138 billion, from €2.455 billion, in the first half in 2008.
This year, Pirelli said it expects sales of €4.3 billion.
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