For many tire companies, expanding global brand awareness is currently a top priority for their development. Many domestic companies are learning from tire giants to launch compatible mergers and acquisitions - by acquiring foreign companies and recruiting overseas brands under their command, to strengthen their influence in the global tire market.
Among them, the most typical merger and acquisition case among domestic tire companies was in 2015 when China National Chemical Corporation acquired Pirelli and became its controlling shareholder with a high shareholding ratio of 26.2%. After the acquisition, in order to maintain the stability of Pirelli's operations and management, and to help Pirelli achieve its long-term development goals, the chairman of the board led by ChemChina has formulated a new business growth strategy.
In recent years, under the leadership of China National Chemical Corporation, Pirelli's business performance has been improving, and in 2022, it achieved a high year-on-year growth of 35.5% in net profit. But recently, this management model seems to have been challenged.
Although the specific reason is unknown, according to insiders, Italy is attempting to change the impact of Chinese chemicals on Pirelli. Bloomberg reported on this development, stating that Italian personnel are in negotiations with Pirelli investors on a series of options related to the company's structure. However, the insider did not seem to disclose any further details.
In fact, on February 15th of this year, some clues were revealed. At that time, there were media reports that ChemChina seemed to be interested in selling its stake in Pirelli. It is reported that at that time, a person claiming to be an insider also revealed to the media that China National Chemical Corporation seemed to be preliminarily reviewing its holdings of Pirelli shares and considering selling its 37% stake in Pirelli.
However, at that time, no one expected that this small piece of news would quickly set off a turbulent wave in the stock market.
After the news of Sinochem Group's plan to sell Pirelli shares spread, a huge panic broke out among investors. Shortly after the opening, Pirelli's stock price experienced a decline of over 4.25% on the same day. However, it is worth noting that although Pirelli's stock price fluctuated significantly on that day, some private equity companies have begun to pay more attention to the takeover of equity due to their own outstanding performance stocks.
However, in the future, due to the lack of any form of response to the information disclosed by insiders, discussions on this matter gradually decreased, and the Milan stock market remained calm. Many industry insiders believe that the sale of Pirelli's equity by Sinochem Group is groundless. After all, the equity of Pirelli Industrial Tire PTG Company was just transferred to Fengshen Tire in 2022, so this equity ownership will not change much in the short term. Therefore, most people believe that the divestment of Pirelli by Sinochem Group is nonsense.
The reason why private equity companies are eyeing Pirelli is probably due to its excellent performance in the passenger car tire market in recent years. In fact, Pirelli is further expanding the passenger car matching and replacement market by expanding the market for large-sized high-performance tires and partnering with more automotive manufacturing companies.
And this adjustment of production capacity layout and product structure has also won more profits and higher sales for Pirelli. In 2022, Pirelli's net profit reached 435.9 million euros (3.268 billion yuan), a year-on-year increase of 35.5%; The revenue reached 6.61 billion euros (49.571 billion RMB), a year-on-year increase of 24.1%, both higher than previous expectations.
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