Prometeon Tyre Group has arranged an inaugural 600 million euros of credit facilities consisting of 450 million euros of term facility and a 150 million euros of revolving facility. The new credit facilities mature on March 2020, with two one-year extension options. According to Prometeon, the credit facilities secure the firm’s “financial independence and autonomy following its separation from the Pirelli Group and optimise the company’s capital structure”.
TP Commercial Solutions LLC has appointed Alex Vitale as its new CEO for North America. The appointment is effective immediately and will see Vitale bring over 20 years of global tyre industry experience to lead the company’s efforts and expansion in the commercial truck and fleet markets in the US and Canada.
As we have all heard by now, following the high profile acquisition of Pirelli by ChemChina (whose Chinese tyre manufacturing plants include respected truck and car tyre manufacturer Aeolus and well-known OTR tyremaker, Torch) what we used to refer to simply as Pirelli has split itself in two. The part focusing on car and other consumer-orientated high-performance products retains the Pirelli name, while the remaining parts of the business (which were previously known as Pirelli Industrial) are in the process of being merged with their Chinese opposite numbers, subject to approval by the relevant authorities, and folded into a new entity – Prometeon Tyre Group. Autopromotec was Prometeon’s first public outing, so Tyres & Accessories interviewed chief operating officer (COO), Murilo Fonseca, during the recent Autopromotec exhibition in Bologna to find out more about the strategy behind the moves.
Prometeon Tyre Group (the former Pirelli Industrial business unit) is to make its first public appearance at the Autopromotec fair. Prometeon is hosting a multi-brand stand with Pirelli-branded and truck, bus and agricultural products as well Aeolus-branded truck, bus and OTR tyres. The news follows the announcement on 13 April that Pirelli’s Industrial activities will […]
Prometeon Tyre Group – the new name for Pirelli’s recentlly separated Truck, Bus, Agro and OTR tyres business – has signed a commercial agreement with Iveco Defence Vehicles, which calls for a partnership for the development and supply of tyres for new generation defence vehicles. The news is a big step forward for Prometoen as it shows the business’s willingness and ability to work at an international OE level.