Italian tire giant Pirelli said it will invest up to ?1.6 billion ($2.16 billion) over four years to refocus its activities on the high-end tire market. Unveiling its strategic plan for the period 2013-2017, Pirelli said it would accelerate its shift into the premium sector, which it expects to grow three times as quickly as the standard tire segment, by 7.3% a year. The top-end of the global automobile market is set to continue growing, reaching close to 10% in 2017 compared to 9.1% in 2013, while the number of cars is also expected to rise by 3.7% a year until 2017. The group said it was targeting an operating profit margin of more than 15% by 2017.
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