June 7, 2013 / 1:45 PM / in 5 years

Pirelli looking for industrial partnerships for quick growth in Asia

VENICE, Italy, June 7 (Reuters) - Italian tyre maker Pirelli is looking for new industrial partnerships that will enable it to grow more quickly in Asia, said Pirelli Chairman Marco Tronchetti Provera on Friday.

“We’re looking at how we can grow the most quickly in Asia, for example at an industrial partnership along the lines of what we did in Indonesia,” he said, referring to an agreement to make motorcycle tyres with a local partner Astra Otoparts.

Revenue from the Asia-Pacific region accounted for 7 percent of Pirelli’s 2012 sales of around 6 billion euros.

He said no talks were currently under way.

The Pirelli chairman earlier this week closed a deal with a new group of investors - two banks and a private equity fund - for a stake in the holding company that controls the world’s fifth largest tyre maker.

The new investors and Tronchetti aim to boost the company’s market value from its current 4.5 billion euros by increasing its revenues from more-profitable premium tyres as well as by upping its market share in high-growth regions like Asia.

Reporting by Jennifer Clark; editing by Francesca Landini

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