Goodyear Denies Report on Pirelli Takeover
Goodyear Tire & Rubber Co. denied any truth to a report that said it was interested in Pirelli tires if the Italian company was prepared to sell its entire business, according to Reuters.Goodyear said Chief Executive Sam Gibara’s remarks had been “misinterpreted” in an interview with German magazine Wirtschafts-Woche.“They would make a good fit for us,” Gibara was quoted as saying, according to excerpts released ahead of publication. “The brand has enormous value, particularly in the high-performance car tire business,” he reportedly added.In a statement issued from its Akron, OH, headquarters, Goodyear said, “In a wide-ranging interview three weeks ago, the subject of Pirelli selling its truck tire business was raised by the reporter. Gibara responded with positive comments about Pirelli, especially in regards to its success in high-performance tires and in Latin America.”“Gibara, however, did not say Goodyear was interested in acquiring any part – or all – of Pirelli’s tire business,” it added. “He said the companies have held no discussions on this subject.”Pirelli has said it aims to sell its truck tire and energy cables business in the next 18 months, while keeping its upmarket car tire operations.