SIBUR HOLDING TO TRANSFER INDUSTRIAL ASSETS TO PIRELLI AND RUSSIAN TECHNOLOGIES JOINT VENTURE FOR 222 MILLION EUROS
Pirelli, Russian Technologies and Sibur Holding today signed an agreement which identifies the assets to transfer to the joint venture being formed by Pirelli and Russian Technologies. This joint venture will be the primary vehicle for the management of assets which are convertible to Pirelli standards in the Car and Light Truck sectors in Russia, in line with the terms of the memorandum of understanding (MOU) signed on November 26th, 2010.
The agreement signed today calls for the transfer, by November 2011, of the Kirov plant, which has a current production capacity of more than 7 million pieces in the Car and Light Truck sectors, as well as a commitment to transfer further assets that should bring the JV’s production to 11 million pieces by 2014. The transfer of all these assets will take place in exchange for a total consideration of 222 million euros, divided on a pro-quota basis between the partners.
In line with November’s “MOU”, the process of identifying other Sibur Holding plants to confer to a second joint venture continues.