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Pirelli exits Venezuela

Italian tire maker Pirelli & C. SpA said Sept. 7 that it is closing its factory in the city of Guacara in Venezuela, effectively ceasing all its activities in the Latin American country.

The move follows Pirelli's deconsolidation of its Venezuelan arm on Dec. 31, 2015 under an agreement that was reached with a consortium of South American entrepreneurs and Sommers International, which bought the unit.

Pirelli said the move has no financial impact on the group.