ChemChina to create world’s fourth-largest industrial tyre company
As senior management from Aeolus Tyre disclosed during a Reifen 2016 press conference, the Chinese tyre maker will soon be part of the world’s fourth-largest industrial tyre manufacturing company. This new tyre firm, which has yet to be named, will exist under the umbrella of state-owned concern ChemChina. In addition to Aeolus Tyre, the company will be comprised of Pirelli, which ChemChina acquired last year, and the Italian tyre maker’s new sister companies, Qingdao Yellow Sea Rubber and Double Happiness. The managers indicate that further acquisitions haven’t been ruled out, either.
ChemChina’s activities in the tyre and rubber industries are currently bundled in an intermediary holding company called China National Tire & Rubber Co., Ltd, or CNRC for short. CNRC is led by general manager Bai Xin Ping.