Russia's Sibur divests tyre-making assets

25 July 2011 15:41  [Source: ICIS news]

MOSCOW (ICIS)--Russian petrochemicals holding company Sibur has agreed to transfer its tyre-producing assets to a joint venture being formed by Italy’s Pirelli and state-run Russian Technologies, the companies said on Monday.

The agreement, signed on Monday, includes the transfer of the Kirov plant, which has a current production capacity of more than 7m pieces/year, by November 2011, according to a joint statement released by the companies.

Sibur will also transfer other tyre-making assets, which should bring the joint venture's output up to 11m pieces/year by 2014, in exchange for a total of €222m ($317m), the statement said.

The joint venture is due to manage the assets in line with Pirelli standards, following the memorandum of understanding (MOU) signed on 26 November, 2010.

By: Sergei Blagov
+44 20 8652 3214

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