Under an agreement of 2008 between Pirelli and Russian Technologies, a joint venture was created after Pirelli bought tire factories in Kirov and Voronezh from Sibur-Russian Tires. The Italian tire manufacturer has rejected allegations by American tire manufacturer Grizzly Research that it has influenced the Russian market. Pirelli said the content of the Grizzly Research report “does not reflect the truth” and announced plans to take legal action “in all jurisdictions against those who spread this false information.” Grizzly Research, which disclosed its short position in the company, claimed that, according to Russian reports, approximately 10% of Pirelli’s net profit comes from operations in Russia. This contrasts with Pirelli’s claim that 6% of revenues come from Russia, the Middle East, Africa and India combined. Pirelli responded that it does not manufacture tires for military use, saying that this information “has long been communicated to the relevant Italian authorities.”