Milan – September 22, 2026 -- Pirelli's Board of Directors has majority approved a roughly €1 billion ($1.2 billion) multi-year investment to expand its Rome, Georgia plant, with three board members -- Zhang Haitao, Xi Xiaohong and Wang Kun -- voting against the plan.
Rome, Georgia capacity to double to 6 million tyres by 2033
The expansion will lift annual production capacity at the Rome facility to approximately 6 million car tyres by 2033, including CyberTM Tyre technology, and is expected to create around 1,000 new jobs. The buildout begins in 2027 in two phases: a robotized production line using Pirelli's proprietary MIRS (Modular Integrated Robotized System) technology will scale from 2028 to 3 million tyres annually, while a separate fully automated conventional facility dedicated to premium products will add another 3 million tyres of capacity at full operation.
Investment targets the world's largest High Value tyre market
The U.S. accounts for roughly 40% of global High Value segment volumes, and Pirelli said the project reinforces its local-for-local strategy and supply chain resilience. The company has operated in Georgia since 2002. Following Italy's 2026 Golden Power Decree, Pirelli secured authorization from the U.S. Bureau of Industry and Security to market its CyberTM Tyre connected-vehicle system domestically.
Capex-to-revenue ratio to hold steady through 2033
Pirelli said the plan will not affect its 2026 targets, and the capex-to-revenue ratio for 2027-2033 is expected to remain in line with prior periods while preserving the Group's cash generation.
Board eliminates Corporate General Management role, exits Tanzi
Separately, the Board approved a new organizational structure that immediately eliminates the Corporate General Management function. Corporate General Manager Francesco Tanzi will end his executive employment relationship by December 31, 2026, receiving a severance indemnity equal to 13 months' remuneration, payable by February 2027. Tanzi retains accrued rights under the 2023-2026 Annual STI Plans and the 2024-2026 Long-Term Incentive Plan, subject to standard clawback provisions.
Tanzi will be bound by a two-year non-compete covenant across Pirelli's principal operating countries, compensated at 130% of his gross annual salary in eight quarterly installments. He will also serve as a consultant to the company for two years, earning €350,000 annually plus €45,000 in non-monetary benefits. Tanzi holds no Pirelli shares.
Board opens governance talks after controlling shareholder declaration
Following a declaration by Marco Tronchetti Provera & C. S.p.A. confirming its control over Pirelli, the Board has instructed its Audit, Risk and Corporate Governance Committee to begin talks with the controlling shareholder, supported by external experts, to define a governance framework. The discussions will examine a possible group governance regulation while preserving Pirelli's legal and managerial autonomy.