Pirelli 'Ceases Activities' in Venezuela, Sells Tire Factory

Pirelli ‘Ceases Activities’ in Venezuela, Sells Tire Factory

Pirelli & C. S.p.A has sold its tire factory in Venezuela and ceased all other operations in the country under severe economic crisis.

Pirelli & C. S.p.A has sold its tire factory in Venezuela and ceased all other operations in the country under severe economic crisis.

In a statement on its website, Pirelli announced the “disposal” of its car tire factory in Venezuela, located in the city of Guacara in north-central Venezuela. It has also ceased all activities held in the country.

The operation follows the de-consolidation of Pirelli’s Venezuelan subsidiary, which took place in December 2015. The move to abandon its operations in Venezuela “has no financial effects on the group,” Pirelli said.

The agreement, which calls for employment continuity, was reached with a consortium of South American entrepreneurs and the company Sommers International, in the capacity of buyer. Pirelli said ti would like to thank its collaborators and clients for its 28 years of activity in the country and wishes the new management every success.

Venezuela’s economy is in freefall, the BBC reports. Hyperinflation, power cuts and food and medicine shortages have driven millions of Venezuelans to flee the country.  Last June, Pirelli suspended production at its Venezuelan factory, and Bridgestone Corp. sold its subsidiary in the country in May 2016.

 

You May Also Like

Hunter’s new Hunter University is designed to train customers, techs and instructors

The online courses are generally presented in five-minute segments.

PR-Training-Hunter-University-1400

Hunter Engineering is introducing Hunter University, its new global learning platform designed for training for customers, technicians, technical school instructors, students and any other interested parties. The company said its platform collects all of Hunter’s learning content in a single place, offering dozens of free online courses worldwide, as well as registration for hands-on, in-person courses at training centers around the United States.

Apollo Tires US recalls certain Vredestein, Quatrac tires

Dealers will replace the tires free of charge.

Recall
Discount Tire, Major League Soccer (MLS) announce multiyear partnership

Discount Tire has also struck a partnership to be the official tire retailer of Inter Miami CF and is collaborating with Continental Tire.

Discount-Tire-MLS-sponsorship
Net Driven acquires CarCareConnect

With this acquisition, CarCareConnect customers will gain access to Net Driven’s suite of digital storefront and digital marketing solutions.

Handshake agreement
Hankook Tire America recalls select Kinergy GT tires

Certain Kinergy GT tires, size 235/60R18H H436, are missing the missing the four-digit week and year code mark.

Recall

Other Posts

TRIB’s new website offers tailored services for members

One of the highlights of the redesigned website is the introduction of the retread environmental savings calculator.

TRIB-new-website
RNR Tire Express to give away NASCAR tickets for Father’s Day promotion

The RNR team will be taking submissions until midnight on Sunday, June 16.

RNR Tire Express
CMA, Double Coin launch dealer portal

This platform provides real-time information and navigation tools for CMA customers to access information and place orders.

CMA_Dealer-Portal
Goodyear names Nicole Gray SVP and chief HR officer

The company also announced Gary VanderLind, senior VP and chief human resources officer, will retire July 1.

Goodyear-Nicole-Gray