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.
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 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.
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.
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.