Pirelli, an Italian tyremaker, has announced a multi-year investment plan for the United States worth around $1 billion to $1.2 billion. The investment aims to increase production capacity in the country, including the production of its Cyber Tyres.
The company’s new board was informed of the investment plan, which will be submitted for approval at an upcoming meeting. Pirelli had previously announced that it would start producing Cyber Tyres at its US plant in Rome, Georgia.
The investment plan comes after the Italian government intervened to curb the powers of Pirelli’s Chinese investor, Sinochem, due to the risks posed to the premium tyremaker’s business ambitions in the United States. Pirelli’s shareholders recently appointed a new board dominated by its Italian investor, Camfin.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
