The closing of the transaction is subject to regulatory authorizations and is expected to take place in the second half of this year. HSBC Holdings PLC and Banca IMI advised Pirelli on the deal.

In a statement, Pirelli said its exit from the business would allow it to focus on its higher-margin premium tyre business. The deal includes all five Pirelli steel cord facilities in Italy, Turkey, Romania, China and Brazil. In a statement, Pirelli said its exit from the business would allow it to focus on its higher-margin premium tire business and the closing is expected in the second half of the year.

In Romania, the Italian company currently operates a facility production for tires at Slatina, Olt county and a plant for diesel engine filters in Gorj County. At the beginning of 2013, Pirelli announced it plans to roll out EUR 105 million in its Slatina tire factory in the next five years, with EUR 35 million Euro secured from state aid.” (source: nineoclock.ro)