Italian tyre maker Pirelli’s board has approved an accord between shareholders to establish that the group’s largest investor, China’s state-owned Sinochem, does not exercise control over the tyre maker. This move might make it easier for the tyre maker to expand in…
Tag: pirelli
Pirelli puts US investment on hold due to Sinochem
Italian tyre maker Pirelli says it has put on hold plans to invest further in the US due to tensions pertaining from its ownership by Chinese state-owned group Sinochem, which is its largest investor. Sinochem has a 37% stake in…
Camfin pumps up stake in Pirelli; Brembo sells entire stake in Pirelli
Italian auto parts maker Brembo has sold its entire 5.6% stake in Italian tyre maker Pirelli for around EUR283 million, a move that has dampened speculation about a merger between the two Italian groups. Sinochem holds a 37% stake in the tyre maker.…
Bosch and Pirelli tie-up for intelligent tyre technology
Italian tyre maker Pirelli and tech firm Bosch have signed a joint development agreement. It aims at jointly creating new software-based solutions and driving functions thanks to sensors integrated into tyres, also known as in-tyre sensors. For drivers, this means…
Camfin ups stake in Pirelli; Chinese fund reduces stake
Camfin, the second largest investor in Milan-based Pirelli has increased its stake to 22.8% as China’s Silk Road Fund offloaded its 9% interest in the premium tyre maker. Camfin, the vehicle of Italian businessman Marco Tronchetti Provera, has bought a…
EU approves Pirelli’s jv for tyre facility in Saudi Arabia
The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture by Italy’s Pirelli Tire S.p.A. and the Saudi Arabia’s Public Investment Fund. The US$550 million deal relates primarily to the production and sale of…
Top European tyre makers targeted in EU raids
European Union (EU) antitrust regulators have undertaken unannounced raids on the offices of top European tyre manufacturers: Italy’s Pirelli, Germany-based Continental, France’s Michelin and Finland’s Nokian Tyres, as part of an investigation into a possible cartel deal. The European Commission,…
Pirelli opens R&D centre in Mexico
Italian tyre maker Pirelli recently inaugurated in Silao, Mexico, its first R&D centre in the country. This project has an investment of US$15 million, over a period of two years, and has an area of more than 6,000 sq m…
PIF, Pirelli to establish US$550 mn tyre plant in Saudi Arabia
The Public Investment Fund (PIF) and Italy’s Pirelli Tyre have officially tied up in an agreement to construct a tyre manufacturing facility in Saudi Arabia. PIF will have a 75% majority stake, with Pirelli holding the remaining 25% in the…
Pirelli to acquire Hevea-Tec, Brazil’s largest independent processor of NR
Italian tyre maker Pirelli has signed an agreement to acquire 100% of Hevea-Tec, the biggest independent processor of natural rubber in Brazil. The operation will be on the basis of an Enterprise Value of around EUR21 million, subject to the…