EXIAR insures Russian-made tyre exports
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Pirelli Tyre Russia have concluded a comprehensive export credit insurance policy.
As part of the signed document, shipments of Russian-made tyres to CIS countries will be insured. This is the first deal made between EXIAR and Pirelli Tyre. Negotiations began in 2014 and resulted in the companies today taking a step towards developing a mutually beneficial partnership. Both EXIAR and Pirelli Tyre expect to expand the geographic coverage for insured automobile tyre exports to CIS countries.
This coverage is designed to protect Russian companies against the risk of non-payment by foreign buyers due to commercial or political reasons. The policy would cover delivery of goods and/or services that are made on credit terms, for a tenor less than 12 months to a number of foreign buyers that may be fr om different countries.
The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011 as an open joint-stock company. EXIAR's mission is to support Russian high-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. Vnesheconombank is the sole shareholder of EXIAR. The agency's charter capital is RUB 31 billion. The State Specialized Russian Export-Import Bank (Eximbank of Russia) is a subsidiary of the Russian Agency for Export Credit and Investment Insurance (EXIAR).
Pirelli Tyre Russia, a joint venture (JV) of Italian tyre manufacturer Pirelli (the company was founded in 1872 and is now one of the best-known tyre manufacturers in the world) and State Corporation Rostec. The joint venture consists of two production facilities in Russia: the Kirov and Voronezh Tyre Plants.
The Voronezh Tyre Plant (VTP) works to make premium Pirelli tires for passenger vehicles. In January 2013, a new line that runs the full production cycle was launched into service. The latest hi-tech equipment was purchased and installed, making VTP one of the most modern tyre manufacturers in Russia. The Kirov plant also underwent significant modernization. Both plants now roll out approximately 8 million tires a year.
Pirelli is also investing in developing environmentally safe production technologies and nurturing a caring approach to resources. The company upholds its responsibility to its customers by producing impeccable, high-quality products, taking part in the life and development of the communities in regions wh ere it operates, and supporting charity and volunteer projects.
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