Italian tyremaker Pirelli MIL:PIRC on Tuesday said it had a multi-year investment plan for the United States worth around $1 billion to $1.2 billion and aimed at increasing production capacity in the country, including of its so-called Cyber Tyres.
Pirelli said its new board was informed of the investment plan for the U.S., which will be submitted for approval at an upcoming meeting.
Pirelli in May said it would start producing Cyber Tyres at its U.S. plant in Rome, Georgia
The announcement came after the Italian government intervened to curb the powers of Pirelli's Chinese investor Sinochem SSE:600500 because of the risks posed to the premium tyremaker's business ambitions in the United States
Cyber Tyre technology combines sensors embedded in tyres with software able to transmit real-time data to vehicles
As part of limitations set by the Italian government, Pirelli's shareholders last week appointed a new board dominated by its Italian investor Camfin
Camfin is the vehicle of Marco Tronchetti Provera, the Italian businessman who has led the Milan-based group since 1992. It holds a 26.2% stake in the group
Sinochem, which holds a 34.1% stake, secured the election of just three representatives on to the 15-member Pirelli board
Pirelli's board on Tuesday confirmed Andrea Casaluci as CEO, while Tronchetti Provera was appointed as executive chairman, after holding the executive vice chairman position for the past three years.