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PEERS & MARKETS


Enduring fears about the situation in Ireland forced prices down in the week 22 to 26 November 2010.
In terms of sector, financial securities were hit particularly hard (banks –4.9%, insurance companies –4.5%).

 The tyre segment was uncertain, after the downgrading of the sector by HSBC in view of the recent rally in natural rubber prices.

Pirelli closed the week at € 6.1, in line with Continental, Michelin fell by 2.4%. Pirelli volumes were in line with the average for the last month.
Pirelli upgraded by Equita (BUY, target price from €7.2 from €7.0). The broker has a positive view on the MoU signed with Russian Technologies and Sibur Holding to develop joint activities in the tyre and steelcord sectors, and in the supply and production of synthetic rubber derivatives in Russia.
Following Equita, the agreement will allow Pirelli to rapidly enter the Russian market with a technology compatible with Pirelli standards


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THE PIRELLI RUSSIA PROJECT GROWS WITH ROME’S AGREEMENT

Russian technologiesPirelli and Russian Techonologies signed in Rome a new agreement for the production of tyres and steelcord in Russia. In addition to the plan already announced by the Parties to build a new industrial plant in the Russian region of Samara in the second half of 2010, the new agreement foresees the acquisition of an already existing factory, which is currently being identified among some potentially interesting Russian enterprises. It is foreseen that the acquisition will take place in 2010.
The agreement was signed today in Rome 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.
The new industrial hub will be established on the territory of Togliatti industrial technology park (Samara region).
The hub establishment will begin as soon as the Russian authorities make the decision on the area for production of automotive components, which is expected in the second half of 2010. The new factory will be built in two phases. In the first phase a factory for radial tyres for industrial vehicles will be built. The second phase foresees a factory to manufacture steelcord. At full capacity, the industrial hub will employ about 1500 workers.
In the five-year period, the new factories together with the expected acquisition will guarantee manufacturing capacity of more than 4 million pieces, as foreseen by the initial plans. Total resources to be committed by the joint venture, in line with what has already been announced, will amount to about 300 million euros.

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Categories: Pirelli Pirelli Tyre


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2 news for the tag: Russian Techonologies