Pirelli Tyres Interested In Expansion

After recording a flat performance in its tyre division in Q108, Italy's Pirelli Group has revealed its intentions to strengthen the division by overseas expansions through joint ventures (JVs) and acquisitions. Tough market conditions hurt the company's business in Europe and North America while sales in South America and China continued to expand, company chief executive Francesco Gori said. Pirelli's tyre division recorded an operating profit or earnings before interest and taxes (EBIT) of EUR100.3mn in Q108 against EUR103.7mn last year. The division's revenues rose 3.2% year-on-year (y-o-y) to EUR1.08bn at constant exchange rates.

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