Pirelli to float this year

Pirelli Carlisle
Pirelli Carlisle
Friday, April 28, 2017 at 9:25PM

Tyre manufacturer Pirelli has announced that it expects to float on a stock exchange before the end of this year.

The company - which has a factory in Dalston Road, Carlisle - had expected to carry out an initial public offering (IPO) in early 2018 but has brought its plans forward.

It was delisted from the Milan exchange in 2015 after being taken over by its current owners China National Chemical Corp, known as ChemChina.

The company is expected to float in Milan again or on another leading market.

"(ChemChina) confirmed its willingness, for the greater success of the IPO, to go below 50 percent," a Pirelli spokesman told the Reuters news agency.

Pirelli's Carlisle plant is one of two the Chinese-owned firm has in the UK, the other is in Burton-on-Trent.

It opened in 1969 and its tyres are supplied to Jaguar/Land Rover, Volkswagen/Audi, Porsche, BMW, Mercedes, Volvo and Maserati.

It employs about 850 people and supports about 3,000 supplier jobs.

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