Pirelli truck tyre business to merge with Aeolus
Following the news that Pirelli is effectively being bought by ChemChina (the state-owned parent company of Chinese brands including Aeolus), further details – namely the implications of the transaction on the truck tyre sector – are continuing to emerge.
According to various news sources, it now looks likely that the Italian company’s truck tyre business will be merged with Aeolus Tyres (which is itself best-known for its commercial vehicle tyre products). Reuters made this claim by citing a statement from former Pirelli controlling shareholding company Camfin, which said Pirelli’s truck and industrial tyre business would be “folded into ChemChina’s listed unit Aeolus, allowing it to double its output”.
As it stands it does not look likely that any such merger would go as far as Pirelli’s premium-high-performance orientated car tyre business. Instead, this looks likely to be run as a separate business albeit under different ownership. On this point, various news sources are reporting that, once ChemChina has bought its 65 per cent stake in Pirelli, the Chinese firm is likely to parachute in a chairperson of its choosing. Current chairman and chief executive Marco Tronchetti Provera is however expected to stay on as CEO.