Tag: Chemchina

Ning Gaoning gains Fortune CEO Lifetime Achievement Award

Ning Gaoning gains Fortune CEO Lifetime Achievement Award

14th September 2018 | 0 Comments

An addition to the executive silverware cabinet: During last week’s Fortune China CEO Summit, Sinochem ChemChina and Pirelli chairman Ning Gaoning was the recipient of a Fortune CEO Lifetime Achievement Award.

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Ning confirmed as Pirelli chairman

Ning confirmed as Pirelli chairman

10th August 2018 | 0 Comments

As expected, Ning Gaoning has been co-opted to the Board of Directors at Pirelli & C. S.p.A. and appointed chairman. Ning, who is also chairman of Chinese state-owned petrochemical and fertiliser company Sinochem as well as chairman of Pirelli parent company ChemChina, succeeds Ren Jianxin. Ren relinquished all roles he held on the Board of Directors at Pirelli & C. S.p.A. on 30 July.

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Ning Gaoning tipped to become Pirelli’s new chairman

Ning Gaoning tipped to become Pirelli’s new chairman

2nd August 2018 | 0 Comments

As a consequence of his announced retirement as chairman of China National Chemical Corporation (ChemChina), Ren Jianxin has resigned from all roles he held on the Board of Directors at Pirelli & C. S.p.A. His resignation took effect 30 July. Pirelli has officially thanked Ren for his “contribution to the company in these years.”

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ChemChina names Sinochem boss as new chairman

ChemChina names Sinochem boss as new chairman

27th July 2018 | 0 Comments

Ren Jianxin has retired as chairman of ChemChina. His successor has been named as Ning Gaoning (Frank Ning), who concurrently serves as chairman of Chinese state-owned petrochemical and fertiliser company Sinochem. Ren’s replacement by the chairman of ChemChina’s rival is considered by many a precursor to a merger between the two firms, an arrangement that would create a group with annual turnover in excess of £100 billion.

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Prometeon/Aeolus integration stalls

Prometeon/Aeolus integration stalls

18th January 2018 | 0 Comments

The integration of Prometeon Tyre Group (the former Pirelli Industrial business) and Aeolus Tyre Co. Ltd has stalled after Aeolus’ pending acquisition of a 90 per cent stake in Prometeon failed to gain overseas acquisition approval from Chinese authorities before the 31 December 2017 deadline.

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Pirelli IPO marks landmark in new ownership structure

4th December 2017 | 0 Comments

If Pirelli’s sale to the ChemChina-led consortium in 2015, along with the legal and integration work in 2016 wasn’t enough, 2017 is proving to have been another complex and busy year for Pirelli. The last 12 months have seen the company pass two key landmarks in its post-acquisition strategy: the separation of the industrial tyre business (including industrial, truck, OTR and agricultural operations) into the new Prometeon Tyre Group in the first part of year; and the successful re-listing of the Pirelli in the autumn. The latest news is that Pirelli’s major shareholder – Marco Polo International - has increased its shareholding in Pirelli following the IPO by exercising a greenshoe option.

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Kumho takeover implosion isn’t the end of market consolidation attempts

9th October 2017 | 0 Comments

No I am not talking about the unqualifiable rumours that Doublestar made an offer of up to 250 million euros for Zenises. Rather, that in the first week of September we learnt that Doublestar’s proposed acquisition of Kumho was collapsing before the firm’s eyes after the Qingdao-Chinese tyre manufacturer asked for a double-digit discount. And it is also worth considering what all this means for the wider tyre manufacturing sector.

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Aeolus continues to rise in Chinese tyre market

4th October 2017 | 0 Comments

With one industry insider calling ChemChina’s acquisition of Pirelli “a genius move”, it would have been remiss of us not to take the opportunity to spend time with new Aeolus general manager Giovanni Pomati and find out more about how the changes affect the best-known ChemChina brand (Aeolus) and the company’s views on the latest changes in the Chinese marketplace during Tyres & Accessories recent visit to China.

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Reports: Pirelli IPO set for October

6th September 2017 | 0 Comments

Pirelli is set sell up to 40 per cent of its equity capital in an initial public offering (IPO) on the Milan stock exchange in October.

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ChemChina signs Industry 4.0 MOU with Fraunhofer

4th September 2017 | 0 Comments

On August 1, 2017 China National Chemical Equipment (CNCE; also known as ChemChian) and Fraunhofer Institute for Manufacturing Engineering and Automation (Fraunhofer) under Fraunhofer-Gesellschaft signed a strategic cooperation memorandum of understanding (MOU) in Munich. According to the MOU, the two sides will cooperate with each other in the fields of new chemical materials, intelligent manufacturing, automation and information technology.

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Pirelli industrial/consumer tyre business split continues

Pirelli industrial/consumer tyre business split continues

5th April 2017 | 0 Comments

In parallel with presenting its full-year 2016 results, Pirelli has revealed further details of its complex ownership structure and how it is splitting its consumer and industrial tyre business into two separate entities. The latest news is that, as of March 2017, TP Industrial holding (which owns the newly renamed PTG, which was called Pirelli industrial until recently – more on that later) has been separated out from Pirelli’s consumer tyre business. In practice this means the assignment of TP Industrial holding to Marco Polo, Pirelli’s sole shareholder. According to Pirelli, the assignment will “ensure that Pirelli and TP Industrial can pursue their own independent paths to growth and independently developed strategies”.

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ChemChina denies bidding for Kumho

10th November 2016 | 0 Comments

Reuters reports that ChemChina did not bid for Kumho Tire, citing a ChemChina executive. told Reuters, denying South Korean media. Roughly 10 parties are said to have expressed an interest in buying a controlling stake in Kumho, which is the world's 12th-biggest tyre manufacturer. Analysts suggest the deal could be worth around 1 trillion won ($870.02 million).

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Pirelli on track for a 2018 IPO

Pirelli on track for a 2018 IPO

20th October 2016 | 0 Comments

On 19 October the board of directors of Pirelli & C. S.p.A. met in Milan to discuss the integration of Pirelli Industrial and Aeolus, along with plans for a 2018 IPO, a year earlier than expected. As a result of the meeting the board, approved the firm’s 2016-2018 industrial plan, including its vision up to 2020 for Pirelli consumer.

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Reports: ChemChina interested in Kumho

17th October 2016 | 0 Comments

ChemChina is said to have expressed interest in Kumho Tire Co., according to Korean news source. Citing “industry sources” Pulse News said ChemChina “signed a non-disclosure agreement (NDA) with creditors of Kumho Tire last month and began preparing for an official bid. The Chinese company selected Boston Consulting Group to advice on the deal.”

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Travis Perkins: only Pirelli tyres are robust enough

Travis Perkins: only Pirelli tyres are robust enough

10th August 2016 | 0 Comments

Say Pirelli and the first things you think of are high performance cars and stylish marketing. However, Pirelli’s truck tyre of the business has received renewed attention in recent years, especially in light of last year’s takeover of Pirelli by ChemChina. A key part of that acquisition was based on the belief that, while Pirelli is the undisputed technology leader of that relationship (especially in terms of car tyres), ChemChina’s group of companies is known to be at its strongest in the commercial vehicle or “industrial” side of things. Since then, there have been renewed efforts to develop Pirelli truck tyre position in the UK, Europe and globally – a position that is likely to be augmented by addition production capacity (via the ChemChina group companies) in China as well as their brands. Set against this backdrop, Pirelli recently highlighted its partnerships with well-known truck fleets – notably Travis Perkins group here in the UK, a company it has supplied for 20 years.

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