Pirelli acquires 60% equity in Campneus

qiangzi

Pirelli has signed an agreement with the Faria da Silva family to acquire 60% of the company equity of Campneus, one of Brazil’s major tire distribution networks. The agreement totals the value of approximately 22.5 million euro and is subject to adjustment on the basis of the asset situation on the closing date.

Pirelli hopes the agreement will strengthen its leadership in the Brazilian market both in retail and wholesale distribution, focusing on the higher-growth premium segment and increasing the number of Pirelli owned points of sale from the present 48 to 102.

The 54 Campneus points of sale included in the agreement are already part of Pirelli’s distribution network in Brazil, which counts over 600 points of sale in total. The Campneus stores, which will continue under the same brand even after the agreement is finalized, are located in the states of São Paulo, Minas Gerais, Paraná, Mato Grosso do Sul, Santa Catarina and Rio Grande do Sul.

: g. q6 L$ d& A4 C' }The agreement is subject to approval by CADE, the Conselho Administrativo de Defesa Econômica brasiliano, and finalization is expected to be complete at the end of the first half of 2012