Pirelli Negotiates Financing to Increase Slatina Plant Capacity
In late December Pirelli signed a 50 million euro financing agreement with the European Investment Bank (EIB) that will provide the funds to increase tyre and light commercial vehicle tyre production capacity and Pirelli’s facility in Slatina, Romania. This sum will be used within the context of the 250 million euro investment the Pirelli Group previously earmarked for its operations in Romania in the three-year period between 2009 and 2011.
The new loan, Pirelli adds, consolidates the relationship it holds with the EIB, an organisation that since 1990 has lent some seven billion euros to finance investment projects associated with Romania’s integration into the EU. In particular, Pirelli states the EIB has in the past participated in its “consistent commitment to innovation and increasing competitiveness globally, in research and development as well as in support of industrial growth.”