Aeolus becomes Prometeon Tyre Group
On 13 April TP Industrial Holding – a company controlled by CNRC (the tyre division of ChemChina) – confirmed that agreements have been signed with CNRC, Aeolus and High Grade (HK) Investment Management Limited for the full integration of its controlled Industrial activities with the other assets of the sector belonging to CNRC, including Aeolus and Guilin Beili. The formal finalization of this integration is expected by the end of the year, subject to the approval by the relevant authorities, with the contribution into Aeolus of the 52 per cent stake held in Prometeon Tyre Group (formerly Pirelli Industrial).
As a result Aeolus, a company listed on the Shanghai stock exchange, is expected to take on the new English name of “Prometeon Tyre Group Co., Ltd.” upon final completion of the transaction.
Prometoen describes the resulting company as a “new leading player in the Industrial segment”. Indeed, according to the company, the resulting firm will be: the first “pure Industrial tyre company” with a production capacity of approximately 18 million units; a global scale commercial presence with around 18,500 employees; able to exploit the synergies deriving from the complementary nature of the different integrated assets; and finally will offer a “rich portfolio of products covering each market segment”.
Details of brand ladder revealed
As far as brand names are concerned, premium products will be represented by the Pirelli brand, while the next segment will be represented by Aeolus. Additional group brands will be Yellow Sea, Double Happiness and Torch.
The new group will have two strategic centres, one in Beijing and one in Milan. TP Industrial Holding is the controlling company of Prometeon Tyre Group. TP Industrial Holding is entirely held by Marco Polo International Italy Spa, the company formed for the partnership between CNRC (65%), Camfin (22.4%) and Long-Term Investments Luxemburg (12.6%), which also owns Pirelli. CNRC is the tyre and rubber subsidiary of ChemChina Group.