JULY 14, 1997
Pirelli considers a comeback
THE Italian tire company Pirelli is understood to be evaluating a possible return to Formula 1 racing to try to boost its share of the world tire market against Goodyear, Bridgestone/Firestone and Michelin. Michelin is tipped to be planning a similar move, to avoid its rivals getting too much global coverage as a result of its involvement in Grand Prix racing.
Pirelli left F1 at the end of 1991 because of financial problems which followed its failed bid to takeover German tiremaker Continental. The three-year restructuring program which followed was overseen by managing-director Marco Tronchetti Provera, who became chairman when Leopoldo Pirelli stepped down in 1995 and resulted in the company announcing big profits in recent years.
Pirelli's tire business has dropped behind that of the three big international players but it has made a lot of progress in the high-technology cable business.
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