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Pirelli Board OKs IPO as Option for Tire Group

(Akron/Tire Review) The board of directors of Pirelli SpA today said it will consider launching an IPO for its global tire division, though the Italian tire and telecommunications company said it would hold a majority share in the spin-off.

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The board is seeking to get “the best value” out of the division. Analysts have suggested an IPO for Pirelli’s tire group could fetch 2.5 to 3 billion euros.

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“The trend in the main markets and segments where the tire business operates continue to be favorable, particularly in the high end of the range where Pirelli has leadership,” the company said in a statement. “This constitutes the basis for a further growth of Pirelli Tyres with respect to the last years.”

In addition, Pirelli SpA’s board approved divestment of some 400 million euros of the company’s financial investments, reportedly half of its overall portfolio.

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