Skip to main content
Sister Publication Links
  • European Rubber Journal
  • Plastics News
web
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • ITEC
    • Automotive
    • Tire
    • Non-Tire
    • Suppliers
    • Silicone
    • Latex
    • Coronavirus
    • Executive Action
    • Government/Legal
    • Opinion
    • Technical Notebooks
    • International Elastomer Show
    • Women in Tire & Rubber
    • HEXPOL Sponsored Content
    • Goodyear recognized by Lockheed Martin as 'elite supplier'
      EV tire advancements to help secure future
      Lambillotte: Only question on AVs is timing
      CAR official says EV future brighter than autonomous
    • Smithers webinars focus on performance materials in green tires
      Ford to close 3 plants, end production in Brazil, costing $4.1 billion
      Study: Vehicle buyers cling to familiarity amid pandemic
      Kumho launches commercial LT, performance tire lines
    • Smithers webinars focus on performance materials in green tires
      Ferentino Tyre opens Sri Lanka plant; eyes exports to U.S., Europe
      Kumho launches commercial LT, performance tire lines
      Taiwan tire makers propose settlement of import duties case
    • JobsOhio funding gives Sperry & Rice room to grow
      TRAC's Glenn Maidment caps 51-year rubber industry career
      LafargeHolcim looks to solidify U.S. presence with Firestone Building Products purchase
      Hankook Tire holding company adopts Hankook & Co. identity
    • Smithers webinars focus on performance materials in green tires
      Endurica earns prestigious Tibbetts Award from SBA
      Kuraray to raise elastomer prices again
      Synthomer optimistic, raises earnings forecast
    • Safic-Alcan extends distribution agreement with Momentive
      Momentive aims to grow silicone presence in Asia-Pacific region
      IRP Medical solidifies portfolio with KDL deal
      Rubber lab services firm Ace reports record year
    • ASTM cancels April meetings as COVID-19 continues impact
      Paycheck Protection Program funding reopens Jan. 15
      Detroit Auto Show canceled; alternative event being planned for September
      Top Glove reopens COVID-hit factories with enhanced precautions
    • Jack Murphy joins Akron Dispersions
      Adriano Alfani named Versalis CEO
      Maroon Group adds to Southeast sales team
      ASTM taps rubber executive as new board member
    • Paycheck Protection Program funding reopens Jan. 15
      Taiwan tire makers propose settlement of import duties case
      Lobbying group unveils policy agenda to speed transition to EVs
      NADA, bank group to assess political contributions after U.S. Capitol siege
    • Column: Pandemic looms over everything in life, business in 2020
      Column: Lessons from the 2020 Best Places to Work
      Editorial: Silicone hit hard by pandemic, expected to bounce back
      Column: Still far way from normal
    • Effects of multiple repurposed materials for reinforcements of standard rubber compounds
      Impact of peroxide blends on the cure rate and aged properties in HNBR
      Techniques to detect long chain branching in polymers
      A comparative study looking at effects of curing kinetics and batch variation on SBR injection molding and numerical analytics
    • WORD panelists say evolution, authenticity keys to success
      IEC keynote: Communication key to logistics
      IEC speaker: Specialized elastomers may reduce spread of life-threatening pathogens
      Rubber Division seeking abstracts for Spring Technical Meeting
    • WORD panelists say evolution, authenticity keys to success
      New video celebrates women in rubber industry
      ITEC panelists say women can thrive in tire industry
      Rubber Division planning second Women of Rubber event
    • Sponsored By HEXPOL Compounding
      Faster Access to Your Polymer Compounding Experts Around the World
      Sponsored By HEXPOL Compounding
      Take a walk thru a HEXPOL Lab
      Sponsored By HEXPOL Compounding
      HEXPOL offers a unique selection of High Performance Elastomers to match your application requirements
      Sponsored By HEXPOL Compounding
      It’s what you can’t see that makes the Difference at HEXPOL
  • Blogs
    • Products
    • Wacky World of Rubber
    • New Products: MonTech introduces 1,500 kN lab press
      New products: 3M introduces new durable, pliable medical adhesive
      New Products: Lanxess launches energy-efficient PU elastomer
      New Products: MonTech automates bale cutter for safety, productivity
    • Wacky World of Rubber: How Trelleborg, teens sealed a spot in the world record book
      Wacky World of Rubber: Of chicken and feet, but not chicken feet
      Wacky World of Rubber: Time to go mattress shopping
      Wacky World of Rubber: Because nothing says football like 'frunk' shrimp
  • Newsletters
    • Rubber in Automotive
    • Silicone News
    • Latex News
    • Sign Up for Newsletters
    • Smithers webinars focus on performance materials in green tires
      Ford to close 3 plants, end production in Brazil, costing $4.1 billion
      Study: Vehicle buyers cling to familiarity amid pandemic
      Kumho launches commercial LT, performance tire lines
    • Safic-Alcan extends distribution agreement with Momentive
      Momentive aims to grow silicone presence in Asia-Pacific region
      IRP Medical solidifies portfolio with KDL deal
      Rubber lab services firm Ace reports record year
    • Jack Murphy joins Akron Dispersions
      Synthomer optimistic, raises earnings forecast
      Top Glove reopens COVID-hit factories with enhanced precautions
      Malaysia electronics group to enter rubber gloves sector
  • Multimedia
    • Videos
    • Photo Galleries
  • Directory
  • Resources
    • Classifieds & Mold Mart
    • Sponsored Content
    • White Papers
    • Sponsored By HB Chemical
      The Company Behind the Inventory
      Sponsored By French Oil Mill Machinery
      Process Improvement, Cost Reduction with Custom Press Systems
    • Sponsored By Uncountable Inc.
      Cooper Standard deploys lab informatics platform to synchronize R&D
      Sponsored By Elkem
      LSR Select™: A solution to improve your financial impact in molding applications
      Sponsored By HEXPOL Compounding
      Peroxide Cureable Silicone Injection Molding
      Sponsored By HEXPOL Compounding
      Understanding and Selecting Performance Additives for Rubber Compounding
  • Data
  • Events
    • RPN Events
    • RPN Livestreams/Webinars
    • Industry Events
    • Past Events
    • ITEC Library
    • International Silicone Conference Library
    • 2021 Healthcare Elastomers Virtual Edition
      2021 Rubber in Automotive Virtual Edition
      2020 International Silicone Conference Virtual Edition
      2020 ITEC Virtual Edition
  • Advertise
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
April 04, 2017 02:00 AM

Pirelli industrial tire unit renamed Prometeon Tyre Group

Shahrzad Pourriahi
European Rubber Journal
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    MILAN—Pirelli & C. S.p.A.'s split into separate consumer and industrial tire companies took another key step this week with the renaming of the industrial tire business unit as Prometeon Tyre Group S.r.l.

    Pirelli disclosed this move and others—including the intention to effect a public offering in 2018 for Pirelli as a pure consumer tire company—in its fiscal 2016 financial results statement.

    Pirelli also disclosed a revised shareholding structure, noting that a 52 percent shareholding in Prometeon owned by Pirelli's TP Industrial Holding unit was reassigned to Marco Polo Industrial Holding S.p.A., the investment vehicle set up in 2015 to facilitate China National Chemical Corp.'s acquisition of Pirelli.

    Marco Polo, in turn, is owned by CNRC (65 percent), Cam Finanziaria S.p.A. (22.4 percent) and Long Term Investment (12.6 percent), according to Pirelli.

    Meanwhile, 38 percent of shares in PTG have been sold to a Chinese investment fund called Cinda International Holdings Ltd. for $242 million.

    In addition, the board of directors of TP Industrial Holding confirmed Pirelli Chairman Ren Jianxin as chairman of Prometeon; Pirelli Executive Vice Chairman Marco Tronchetti Provera as vice chairman; and Pirelli Industrial CEO Paolo Dal Pino as CEO.

    The new ownership structures are intended to enable both Pirelli and PTG to pursue independent paths.

    "Pirelli will be entirely focused on the consumer business, thus becoming the sole 'pure consumer tire company' in the sector, in view of its future listing on the stock exchange," the company said in the financial statement. The company's portfolio will cover passenger, light truck/SUV and motorcycle tires.

    In October, following its acquisition by ChemChina, Pirelli swapped 10 percent of its industrial tires business, called Pirelli Industrial, with 80 percent of the Chinese state-owned company's Aeolus passenger car tire business.

    The Italian company said the move would strengthen its strategic position in higher profitability segments of the consumer tire market.

    Additionally, Pirelli said that its business model would be more focused on the end-consumer and that it would exploit business opportunities offered by "new and sustainable mobility."

    Another area of focus, Pirelli said, will be on "totally digitized industrial, commercial and management processes."

    In the run-up to ChemChina's purchase of Pirelli, the companies said combining Pirelli's truck and farm tire assets with those of ChemChina's National Tire & Rubber Co. subsidiary would create an entity that would be the fourth largest commercial tire business globally. Tire Business, a sister publication of Rubber & Plastics News, estimates this entity would generate annual sales of about $3 billion.

    Letter
    to the
    Editor

    Rubber & Plastics News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].

    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Get our newsletters

    Staying current is easy with Rubber & Plastics News delivered straight to your inbox, free of charge.

    Subscribe Today

    Subscribe to Rubber & Plastics News to get the best coverage and leading insights in the industry.

    SUBSCRIBE
    Connect with Us
    • LinkedIn
    • Facebook
    • Twitter

    MISSION

    To serve companies in the global rubber product industry by delivering news, industry insights, opinions and technical information.

    web
    Contact Us

    2291 Riverfront Pkwy, Suite 1000
    Cuyahoga Falls,
    OH 44221

    Customer Service:
    877-320-1726

    Resources
    • About Us
    • Digital Edition
    • Contact the Staff
    • Advertise
    • Order Reprints
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Careers
    • Ad Choices Ad Choices
    • Sitemap
    Partner Sites
    • Tire Business
    • European Rubber Journal
    • Plastics News
    • Plastics News China
    • Urethanes Technology
    • Automotive News
    • Crain Brands
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • News
      • ITEC
      • Automotive
      • Tire
      • Non-Tire
      • Suppliers
      • Silicone
      • Latex
      • Coronavirus
      • Executive Action
      • Government/Legal
      • Opinion
      • Technical Notebooks
      • International Elastomer Show
      • Women in Tire & Rubber
      • HEXPOL Sponsored Content
    • Blogs
      • Products
      • Wacky World of Rubber
    • Newsletters
      • Rubber in Automotive
      • Silicone News
      • Latex News
      • Sign Up for Newsletters
    • Multimedia
      • Videos
      • Photo Galleries
    • Directory
    • Resources
      • Classifieds & Mold Mart
      • Sponsored Content
      • White Papers
    • Data
    • Events
      • RPN Events
      • RPN Livestreams/Webinars
      • Industry Events
      • Past Events
      • ITEC Library
      • International Silicone Conference Library
    • Advertise
    • DIGITAL EDITION