Pirelli announced the disposal of its Car tyre factory in Venezuela, located in the city of Guacara, and all the activities held in the country.
The operation follows the de-consolidation of the Venezuelan subsidiary which took place on December 31, 2015 and has no financial effects on the group.
The agreement, which calls for employment continuity, was reached with a consortium of South American entrepreneurs and the company Sommers International, in the capacity of buyer.
Pirelli had been operating in Venezuela for as long as 28 years before joining a long list of multi-national companies to exit the South American country due to the ongoing recession and hyperinflation since the last five years.
Pirelli employed around 700 people at its plant in the Venezuelan city of Valencia before closing it down.