By Adria Calatayud
Pirelli said Tuesday that it has signed an agreement to buy Brazilian rubber processor Hevea-Tec for 21 million euros ($22.9 million), including debt, in a deal that will allow it to increase its natural-rubber supply.
The Italian tire maker said it has plans to boost Hevea-Tec’s production volumes. The deal will allow the company to increase materials not based on fossil fuels in tires, in line with its goals, it said.
The deal is expected to be closed by the end of the year, subject to approval from antitrust authorities, Pirelli said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
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