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Article: Pirelli tyre posts $5m loss. (Pirelli Tyre Holding NV)
- Article from:
- European Rubber Journal
- Article date:
- June 1, 1991
- Author:
CopyrightCOPYRIGHT 1991 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Pirelli tyre posts $5m loss
AMSTERDAM- Difficult market conditions last year forced Pirelli Tyre Holding NV subsidiaries in Germany, the UK, Greece and the US into the red, contributing to the firm's overall loss of HFI 9 million ($5.1 million), PTH's annual report shows.
For 1991, Pirelli's management board expects the global economy to remain weak and demand for tyres to be static. The firm anticipates a "modest recovery" this year in the US and UK, where the economic slowdown started earlier than in other countries, although other areas that remained strong last year will experience slower growth.
"In total," the management board wrote, "we ...