Pirelli to manufacture tyres in Saudi Arabia - GRAND PRIX 247
Pirelli to manufacture tyres in Saudi Arabia - GRAND PRIX 247
https://www.grandprix247.com/2023/10/27/pirelli-to-manufacture-tyres-in-saudi-arabia/
Italy's Pirelli has signed a joint venture with Saudi Arabia's Public Investment Fund (PIF) to build a tyre manufacturing facility in the country, the two groups said on Thursday. The deal - for a total investment of $550-Million - will make Pirelli the first tier 1 tyre maker to directly source production in Saudi Arabia, which is trying to diversify its
PIF, Saudi Arabiaโs $700-Billion sovereign wealth fund, will hold a 75% stake in the new JV, with Pirelli holding the remaining 25% and providing the technical and commercial support for the development of the project, the two groups said.
Reports back in January claimed that the PIF was targeting to buy Formula 1 from commercial rights holders Liberty Media and planning to pay up to $20-Billion.