Pirelli Ambiente and Global Cleantech Capital (GCC) reached an agreement for acquisition by Pirelli Ambiente of the 50% stake owned by GCC in Solar Utility. Solar Utility was founded in 2007 as a 50/50 joint venture between Pirelli Ambiente and GCC, a private equity fund specialized in clean energy investments, in order to make joint investments in the photovoltaic sector. The transaction, worth approximately 8 million Euro, will increase Pirelli Ambiente’s stake to 100% of the company.
The purchase of the 50% stake not previously held by Pirelli Ambiente will allow it to pursue new growth Opportunities for Solar Utility, including through industrial partnerships like the one recently begun with Norwegian national energy utility Statkraft, as the first step to creating an important player in the renewable energy industry in Italy.
The Board of Directors of Pirelli, which met today, reviewed and approved a new organizational structure for the Group. Coherently with the strategy and aim of the 2009-2011 industrial plan to focus on the core business, the company decided to simplify its organizational structure and regroup all activities directly supporting the core business under a new “Tyre and Parts” Department, to be headed by Francesco Gori, who also maintains his role as CEO and Managing Director of Pirelli Tyre.
The reorganization will allow for significant downsizing of the corporate level structures, with savings, once the reorganization is completed, of at least 10 million euros on an annual basis starting in 2010, and regrouping of operating activities necessary for growth of the core business: tyres (Pirelli Tyre) and filters (Pirelli Eco Technology) within the new Department, thus ensuring one single management of corporate processes. This Department will incorporate the activities of Purchasing, Administration and Control, Pirelli Labs, Advertising and Events, Human Resources, Health, Safety & Environment (which also reports to the Group General Counsel), and the Service Centers for information technology and administrative activities.
In addition to the new Department, the following will report directly to the Chairman:
the Group General Counsel, Francesco Chiappetta, who will be in charge of, in addition to Legal and Corporate Affairs, Group Compliance, the Risk Officer, Industrial Property, and Security;
the Finance Department, led by Francesco Tanzi, who joins the Group and who will be in charge of Finance, Tax, Budget, Risk Management and M&A. Francesco Tanzi was also appointed by the Board of Directors to be the Manager mandated to draft corporate accounting documents;
the Institutional and Cultural Affairs Department, headed by Antonio Calabrò;
the Image and Brand Extension Department, headed by Andrea Imperiali;
the Investor Relations Department, headed by Valeria Leone;
the Media Communications Department, headed by Maurizio Abet.
The following will also report directly to the Chairman: Maurizio Sala, as Group Controller (also in charge of Administration and Control for Pirelli Tyre); Human Resources, headed by Fabrizio Rutschmann, for HR strategy and senior management HR; Internal Audit, headed by Maurizio Bonzi; Pirelli Broadband Solutions; Pirelli Ambiente and PZero.
In line with the focus on industrial activities, the reorganization includes closing the Operations Department, headed by Claudio De Conto, who managed with skill and authority the roles and functions assigned to him in recent years. Claudio De Conto, who participated in mapping out the above-indicated Group reorganization, will now focus his activity, as CEO Finance, on Pirelli Real Estate. Together with the other CEO of Pirelli RE, Giulio Malfatto, Claudio De Conto will continue to manage the positive turnaround process underway.
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Pirelli has officially adhered as “Partner” to the ”Healthy Workplaces” European campaign, managed by theEuropean Agency for Safety and Health at Work(EU-OSHA)
The Agency has run an annual European Campaign since 2000. With more than 30 countries participating, and some 4 million information materials distributed in all official community languages, the European Campaign has become one of Europe’s largest annual awareness-raising campaigns.
The Campaign faces a different theme each two years and, for 2008 and 2009 the subject is “Risk Assessment”. The two-year risk assessment campaign seeks to promote the idea of a participatory approach to risk assessment. It is essential for the workforce to be consulted and involved in the risk assessment to ensure that hazards are identified not only from principles of knowledge but also by knowledge of working conditions and patterns of adverse effects upon workers.
Pirelli’s engagement within this Campaign range from spreading of a risk prevention “culture” through both internal and external company communication channels, to organizing ad hoc meetings by Pirelli sites with the participation of Representatives form the Agency.
The spirit with which Pirelli adheres to the Campaign has been clearly expressed by Francesco Gori, CEO and Managing Director Pirelli Tyre: “Attention to health and safety in the workplace has always been an important part of the culture of Pirelli, in all our factories and offices throughout the world. Knowledge, understanding and above all internal sharingof the concept of risk are key elements that we focus on, with the goal of raising the general awareness of the Company on a theme which, more than a collection of rules to respect, is a matter of culture. It is with this spirit that we adhere to the EU-OSHA campaign.”