Pirellli exits from Venezuela

Premium tire manufacturer, Pirelli has chosen to exit from Venezuela, and has announced that it has ceased operations of its subsidiary in Venezuela. It has sold its factory which manufactures tires for passenger cars to a consortium of entrepreneurs from South America and a company called Sommers International. According to Pirelli, the exit from Pirelli would have no financial impact on the company as the company had held what it called “the accounting deconsolidation of the Venezuelan subsidiary” on 31 December 2015. More…