Yokohama has appointed Gregorio Borgo as president and CEO of Yokohama´s European headquarters, Yokohama Europe GmbH. He succeeds the current president, Hiroyuki Shioiri, who becomes chairman of Yokohama Europe GmbH effective 10 October 2021.
Prometeon Tyre Group has opened its largest global dedicated R&D Centre at its plant in Kocaeli, Turkey. The opening ceremony was held in the presence of Mustafa Varank, Minister of Industry and Technology of Turkey. Representing Prometeon were Roberto Righi, deputy general manager of Prometeon Tyre Group, Alexandre Bregantim, global chief technical officer of Prometeon Tyre Group, Lale Cander, chairwoman of Prometeon Turkey, and the entire management team of Prometeon Turkey. The event was held with a limited number of guests, in line with the ongoing pandemic measures.
Prometeon Tyre Group shares that it recently extended storage capacity at its central warehouse in Germany to accommodate additional stocks of agricultural tyres. The tyre maker says it expanded warehouse operations in order to speed up delivery times throughout the region as well as to offer better its trading partners a higher level of service, however, it that this extra capacity at the Dieburg site, which has been available since 1 July, coincides with growth in its Pirelli IF agricultural tyre range.
PJ Thory Ltd has installed a TyreWatch system to monitor and control tyre maintenance and safety across its extensive 8-wheeler HGV fleet. The firm’s diverse operation spans mixed haulage, aggregate supplies, waste management and demolition. Working with TyreWatch technicians and Prometeon Tyre Group, the agro and off-road tyre specialist, PJ Thory, undertook an analysis and short trial to assess their requirements and bed-in the new tyre pressure management system (TPMS), which is now fitted to 11 Scania vehicles with a number of new DAF 8 wheelers to follow.
The restructuring of Sinochem Group Co., Ltd. and China National Chemical Corporation Ltd. (ChemChina) has resulted in the establishment of a new entity, Sinochem Holdings Corporation Ltd. (Sinochem Holdings). As of 8 May 2021, both Sinochem Group and ChemChina became wholly-owned subsidiaries of the new state-owned enterprise, which is said to be the world’s largest chemical conglomerate.
Prometeon Tyre Group (PTG) has declared its two-year turnaround process over and underpins this with its recently-released annual results for 2020. Giorgio Bruno, chief executive officer of Prometeon Tyre Group and Gregorio Borgo, chief operating officer, state that the “turnaround path is ended” and that PTG is “stronger and more resilient,” having been able to “improve margins, protect cash and strengthen asset structure, despite the pandemic.”
Pirelli executive vice chairman and CEO, Marco Tronchetti Provera, has proposed current Prometeon Tyre Group (PTG) chairman and CEO Giorgio Luca Bruno as Pirelli deputy-CEO, reporting directly to him. Tronchetti Provera made the proposal with the aim of supporting the execution of Pirelli’s forthcoming industrial plan, which will be presented on 31 March 2021, according to a company statement dated 24 March 2021.
Aeolus Tyre Co Ltd and its controlling shareholder, China National Tire & Rubber Co. Ltd (CNRC, which is itself owned by Chinese petrochemical giant ChemChina) executed a “share entrustment agreement” on 30 November 2020. According to the agreement, CNRC will “entrust” its 52 per cent shareholding in Prometeon Tyre Group Srl to Aeolus for three years. But the three-year term will be automatically renewed upon expiry.
Pirelli shareholder Camfin now has the right to buy up to 15 per cent of Pirelli shares. The news came when Camfin announced on 26 September that it had underwritten “an additional financial instrument, maturing in September 2022, denominated ‘Call Spread’ with 8.9 million Pirelli shares underlying”. Call Spread’s shareholding equates to 0.89% of Pirelli’s share capital.
With the introduction of the Pirelli H:01 Proway line, Prometeon Tyre Group says it is offering tyres that provide “maximum efficiency in long-distance transportation” thanks to reduced rolling resistance and improved durability. Two tyres are available in this latest evolution of the :01 Series – the steer axle Pirelli FH:01 Proway and the drive axle TH:01 Proway.
Prometeon Tyre Group UK Ltd has appointed Peter Fairlie its new managing director. He will be based at the company’s head office in Burton on Trent and will be responsible for Prometeon Tyre Group’s business in the UK, Ireland and the Nordic markets.
Yves Pouliquen has joined Apollo Vredestein as head of sales and marketing of the tyre maker’s Europe division. He began in the role this month, bringing with him more than two decades of tyre industry experience.
Prometeon Tyre Group has signed an agreement for the amendment, restatement and extension of its 600 million euro senior financing, underwritten in March 2017, originally with a three-year duration. The new agreement allows the extension of the final maturity to March 2021 (with the possibility to further extend it to March 2022 at Prometeon’s discretion) at conditions in line with the current market. By signing the agreement Prometeon says it has secured the financial resources for the implementation of its 2019-2021 business plan.
Capacity at the Prometeon Tyre Group plant in İzmit, Turkey will increase by 75 per cent by 2020 in order to accommodate plans to almost double exports from the facility. This project will be funded by a US$115 million investment announced by the company on Tuesday.
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