ChemChina Emerges as Frontrunner in Pirelli Ownership Sweeps
State-owned chemical, rubber and tire giant China National Chemical Corp. (aka ChemChina) has emerged as the reported frontrunner to buy a majority stake in Pirelli SpA. ChemChina counts Aeolus, Yellow Sea, Double Happiness and Torch among its consumer, truck and OTR tire brands. Reuters and Bloomberg reports this morning said ChemChina is close to purchasing
Rumors: Pirelli to be Acquired by New Investors
Following an Italian newspaper report that Pirelli & C SpA may be taken over by new investors, the tiremaker’s stock jumped to a 12-year high, according to Bloomberg and Reuters. Italian paper Corriere della Sera is reporting that Pirelli may be reorganized with new shareholders and then removed from trading. The paper also speculates that
Pirelli Signs Sponsorship Deal with Tyrexpo 2015
Pirelli has signed on to become the first diamond-level manufacturer/sponsor of Tyrexpo2015 in San Jose, Costa Rica. Tyrexpo, which takes place April 19 through May 1, brings together wholesalers, marketers, retailers, manufacturers and anyone with an interest in instituting or enhancing business connections throughout the Latin American region, according to show organizers. “We are extremely
2014 Financials Start Rolling In, Results Varied
Four global tiremakers reported their 2014 financial results earlier today, and most claimed higher sales and earnings compared to fiscal 2013. Leading off was Pirelli & C SpA, which posted 2014 sales of $7.31 billion, which was down from 2013’s $8.46 billion. But the tiremaker’s improved sales mix and earnings were driven by increased “premium”
All-Season UHP
Pirelli recently launched the P Zero All Season Plus, designed to preform in all weather conditions. The replacement market version of Pirelli’s popular P Zero All Season OE tire, the P Zero All Season Plus is ideal for sports cars and performance sedans, according to Pirelli. Features include inner block winter siping technology to improve
Pirelli Signs New Loan
On Jan. 9, 2015, Pirelli signed a new revolving credit line and term loan worth 1 billion euros and maturity in five years, according to Tyres and Accessories. The loan and credit line replace an existing 1.2 billion euro line of credit that was expiring in November 2015. The new revolving credit line equals 800
Driving Improvement
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P Zero All Season Plus Launch
Racing, according to Enrico Bertaggia, former champion driver and CEO of Dream Racing, isn’t always about the car. In fact, when the race is all said and done, it’s always been about the tires. Bertaggia made that remark to media and tire dealers while prepping them for a day of driving at the Las Vegas
Russian Economy’s Potential Impact on Tiremakers
Plummeting oil prices have had tremendous effects on Russia’s rouble exchange rate, causing economic tumult in the country. In turn, investors are growing increasingly concerned about a full-blown crisis, which could mean bad news for tire companies in the country such as Nokian Tyres PLC and Pirelli. Nokian has already felt the strain of an
Pirelli Finalizes Steel Cord Plants Sale
Pirelli finalized the sale of three steel cord sites to Bekaert on Dec. 18, according to Tyres & Accessories. The three facilities are located in Figline, Italy; Slatina, Romania; and Sumaré, Brazil. According to Tyres & Accessories, Bekaert is still waiting local regulatory approvals for the transfer of two other Pirelli steel cord facilities located in
Ferrari Appointed Head of Pirelli Latin America; New North American CEO Named
Effective Jan. 1, Paolo Ferrari, current chairman and CEO of Pirelli Tire North America, will serve as CEO of Pirelli’s Latin America region. He will be replaced by Pierluigi Dinelli. During the past three years, Ferrari has helped Pirelli expand its presence in North America, according to Pirelli. He oversaw the rollout of its Silao,
Pirelli Plans to Expand Egypt Plant
A Reuters report stated that Italian tiremaker Pirelli signed a memorandum of understanding with Egyptian authorities for the possible expansion of a radial truck tire plant in Alexandria. According to the MOU, Alexandria Tire Co. (Atco), which is more than 90% controlled by Pirelli, would invest around $107 million in the expansion during a 3-year
