The European Investment Bank (EIB) and Pirelli signed a financing agreement today for a 100 million euros loan from EIB for support of projects in the area of Pirelli Group research and development for 2009-2012.
The loan is for support of research and development in the field of product and manufacturing process innovation for reduction of the environmental impact of tyres, among other things, improving their performance and safety standards thanks to identification of innovative materials and components. The project regards activities of the various research and development centers of Pirelli in Italy and abroad, and was finalized as part of the 200 million euros credit line resolved upon by EIB last July.
The new loan consolidates the relationship between Pirelli and EIB, which in the past contributed to the Group’s constant commitment to innovation and development of its competitiveness on a global scale.
“We are happy to continue in our tradition of supporting the Pirelli Group, which makes investment in research one of the pillars of its policy for growth in international markets, placing great attention on the goal of reduction of polluting emissions – which is a priority for EIB,” said Dario Scannapieco, EIB vice president in charge of Italy, Malta and the Western Balkans.
“The loan from EIB,” said Marco Tronchetti Provera, chairman of Pirelli “represents a contribution to and an important recognition of the research activity of Pirelli, which has always been strongly committed in this direction with the aim of improving quality of products for the benefit of consumers and the competitiveness of the Group on the market. Today, in particular, this effort shows us committed to development of products and processes that are more and more eco-compatible, that is, oriented towards adopting technologies that offer customers not only safety and high performance, but also solutions which are respectful of the environment.”
Download EIB and Pirelli joint press release(pdf)