The ChemChina-owned tire company Aeolus will be renamed Prometeon Tyre Group Co. Ltd., following the completed transaction of the integration of TP Industrial Holding’s industrial activities, Tyres & Accessories reports.
According to TP Industrial Holding, its controlling company CNRC (the tire division of Chinese-state owned ChemChina), Aeolus and High Grade (HK) Investment Management Limited have signed an agreement for a full integration of industrial activities – with other assets belonging to CNRC, which includes Aeolus and Guilin Beili.
The integration must be approved by relevant authorities and is expected to be finalized by the end of the year with the contribution into Aeolus of the 52% stake held in Prometeon Tyre Group (formerly Pirelli Industrial), T&A said.
T&A reports that premium products will be represented by the Pirelli brand, and the next segment will be represented by Aeolus. Other brands will include Yellow Sea, Double Happiness and Torch.
In March 2017, TP Industrial separated from Pirelli’s consumer tire business.