On Tuesday, Milan-based Pirelli (PIRC.MI) announced it would buy 100% of Hevea-Tec, Brazil’s largest independent natural rubber processor.
Antitrust authorities must approve the acquisition, which values Hevea-Tec at 21 million euros ($22.9 million) by 2023.
“Ensuring continuity of provision in the region and, therefore, greater efficiency,” Pirelli stated.
It said the deal wouldn’t affect Pirelli’s 2023 net financial position target of 2.35 billion euros.
Pirelli said the Hevea-Tec deal would increase its control over the natural rubber supply chain and reduce CO2 emissions due to local-for-local supply.
Comment Template