PIRELLI has signed an agreement to acquire 60% of the company equity of Campneus, a leading tyre distribution network in Brazil, for EUR22.5 million and subject to adjustment on the basis of the asset situation on the closing date.
In line with its industrial plan, the operation will strengthen Pirelli‘s 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 (Pirelli Pneuac) 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 closing of the operation, are located in the states of São Paulo, Minas Gerais, Paraná, Mato Grosso do Sul, Santa Catarina and Rio Grande do Sul. They sell the complete range of Pirelli tyres for cars, light-trucks, trucks, buses and agricultural machinery, as well as for earth moving and off road equipment.
The agreement is subject to approval by the Conselho Administrativo de Defesa Econômica brasiliano, and finalization is expected at the end of the first half of 2012.(PRA)
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