Pirelli restructures industrial tire business, forms new unit
LONDON—Pirelli has merged its Europe and Middle East and Africa industrial tire businesses to form an EMEA unit based in Istanbul, the company has confirmed.
To form the EMEA region, Pirelli explained, “the European region of Pirelli Industrial Tires, managed from Milan was combined with its MEA Region which comprised the Middle East including Turkey and the African countries.”
Istanbul became the base of the new EMEA region and Murat Akyildiz became the CEO of Pirelli Industrial EMEA Region, a Pirelli representative added in a written statement, confirming Turkish media reports about this development.
The EMEA operation will encompass 128 countries from Istanbul, and total production will be around 2 million industrial tires, Akyildiz told the Turkish press.
Pirelli's factory based in Turkey's industrial north western province of Kocaeli has an annual production capacity of 7 million units of 675 different kinds of tires.
The restructuring comes in the wake of a recent takeover of Pirelli by the Chinese state-owned ChemChina in June.
As part of the takeover, ChemChina and Pirelli agreed to merge industrial tire production units at Pirelli and Aeolus and double capacity in the business unit.
Sibur faces SR price pressure
MOSCOW—Sibur achieved a 7.3 percent, year-on-year increase in volume sales of synthetic rubber in the first three months of 2016, according to Sibur's parent company PAO Sibur Holding.
Sales through March 31 reached 113,033 tons, compared to 105,354 tons in the prior year first quarter, the Russian group said in a limited operational update issued June 21.
Revenue from synthetic rubbers, meanwhile, rose 3.4 percent year-on-year to $149.3 million.
Sibur linked the sales gains to completed homologation with key clients for thermoplastic elastomers, which resulted in the respective sales volume growth.
However, prices for commodity and specialty rubbers came under increased pressure due to higher market competition.
Sibur also reported improved average selling prices for thermoplastic elastomers, in line with a more positive supply/demand balance in that market.