Pirelli pumps additional EUR 250 million in Romania by 2011

Pirelli will invest in Romania an additional EUR 250 million for development of the company on east-European industry, according to Pirelli’s chairman, Marco Tronchetti Provera at a media briefing, during the meeting with Romanian Prime Minister, Calin Popescu Tariceanu.

According to company representatives, Pirelli’s new industrial pole in Romanian automotive sector has a strategic role into future development of the firm on the developing markets in Eastern Europe, and overall investment will mount to EUR 500 million until 2011.

In the past five years, Pirelli group invested in Romania some EUR 250 million to create an industrial pole that includes a tire factory which will reach by late 2009 an annual production capacity of five million tires and a plant for processing metallic cords for production of tire covers (used to upgrade radial tires). The activity will be completed by late 2008, when Bumbesti-based plant will start processing anti-pollution filters for diesel engines.

The new investment blueprint until 2011 will cost the company EUR 250 million and aim at raising the growth of production capacity in plants. The new group will receive a EUR 28 million financial aid from Romanian state.
Pirelli representative added that the industrial pole in Slatina is located in a strategic position, compared to east European markets and western industries.

Furthermore, during today’s meeting, chairman Tronchetti Provera presented to Prime Minister Tariceanu the training and professional development programs designed tom Pirelli employees in Romanian-based plants.

Translated and adapted by Camelia Oancea.

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