Pirelli rules out plans to quit Egypt

Egypt: Italy’s Pirelli has said it has plans to leave Egypt, despite the turmoil in the country, as the world’s fifth-largest tyremaker is looking to emerging markets to offset weakness in Russia and Europe, Reuters has reported. “We don’t have any reason to leave the Egyptian market because also it’s a good basis for exports,” Pirelli chairman and CEO Marco Tronchetti Provera told the news service. The group has been in Egypt since 1999. “We build factories not for the next months but for the next decades,” Tronchetti Provera said. [AMEInfo.com]

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