Tag: Prometeon Tyre Group
Camfin gains right to buy up to 15% of Pirelli shares
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.
Pirelli H:01 Proway promises better mileage, economy & safety
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.
Peter Fairlie becomes Prometeon UK managing director
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.
Pouliquen heading Apollo Vredestein’s European sales & marketing
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 amends & extends senior financing
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.
Increased capacity, exports: Prometeon investing $115 million in Turkey
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.
Tyre tariffs: Aeolus relocating production to Prometeon plants
Aeolus Tyre Co., Ltd. has emphasised its continued commitment to European markets. In a statement, the Chinese tyre maker describes its progress with the Aeolus brand within Europe as a “remarkable” achievement and stresses that the “unique position” it has claimed within the market will continue despite the introduction of anti-dumping duties. To facilitate this, some Aeolus tyre production will be relocated outside of China.
The Tire Cologne: Prometeon showing latest Pirelli products
The new range of Pirelli agricultural tyres and the latest Pirelli truck products will be on display at the Prometeon Tyre Group stand at next week’s The Tire Cologne. These can be found at Stand C48/D49 in Hall 7.
Kirkby positioning Pirelli as premium truck tyre offer
Prometeon Tyre Group UK Ltd has selected Kirkby Tyres as a truck tyre wholesale partner, with the goal of enhancing its UK distribution capabilities. With the addition of the Pirelli TBR range, Kirkby Tyres will be now be offering a full-tier commercial product portfolio from value tyres, right through to premium.
Prometeon partners GB Tyres to distribute Formula truck brand
Prometeon Tyre Group UK Ltd has named GB Tyres UK Ltd as Formula brand partner for the UK & Ireland. According to the companies, the Formula truck and bus tyre range “benefits directly from Prometeon’s technological know-how and manufacturing expertise, providing a high quality TBR range that is specifically aimed at a more value orientated market”. Characterised as “a robust and hard working on-off product”, the Formula TBR range is said to provide “performance, long-life and affordability” and is available in key sizes across the UK dominated regional segment.
Pirelli: Anti-dumping duties don’t affect us
Although Pirelli Tyre Co, Ltd. is named as a company whose products (together with those from Aeolus Tyre Co., Ltd., Chonche Auto Double Happiness Tyre Corp., Ltd. and Qingdao Yellow Sea Rubber Co., Ltd.) will be charged anti-dumping duties of 64.13 euros per tyre under anti-dumping Regulation (EU) 2018/683, the tyre maker states it is not affected by the new regulation as it doesn’t produce commercial vehicle tyres.
Prometeon announces new worldwide organizational and commercial structure
Prometeon Tyre Group has announced a new organisation structure in order to “strengthen its presence in the different markets in which it operates” and “to continue the integration process with the Aeolus group”. The following appointees will report directly to Prometeon's chairman and CEO, Giorgio Luca Bruno:
Prometeon/Aeolus integration stalls
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.
Aeolus hosts more than 200 in Italy for launch of Neo commercial tyre series
Aeolus has launched its third generation of truck and bus radial tyres in a large dealer event on the shores – and water – of Lake Maggiore in northern Italy. Readers of Tyres & Accessories will know that this location is highly appropriate for the Chinese company; the introduction of the new, extensive product range comes at a moment when the ChemChina produced brand is preparing for its future positioning as a second-line sister range to Pirelli in the commercial segment. While the exact relationship of Pirelli and Aeolus continues to be fluidly complex, the Italian brand’s recent separation of its commercial tyre operations under the Prometeon Tyre Group banner give a good indication of where Aeolus commercial tyres are heading.
TP Commercial Solutions opens North American headquarters in San Diego
TP Commercial Solutions LLC has announced it will have a new office headquarters in San Diego, California from 1 September. The company’s move will cater for its expansion in the US and Canada for Truck, Agricultural and Off Road tyres. TP Commercial Solutions LLC is part of Prometeon Tyre Group, the fourth largest commercial tyre group in the world, which used to be part of Pirelli.