The Chinese state Corporation China National Chemical Corp. bought a controlling stake in Italian tire maker Pirelli & C. SpA., who in their ochere belongs to JSC “Kirov tyre plant”. The deal is about 7.1 billion euros took place in 2015.
This acquisition will expand the presence of Pirelli in the Chinese market and to increase the production of industrial tires by half – to 12 million units per year.
Recall that in 2011, Kirov tyre plant, came under the control of the Italian concern Pirelli. The company claimed that the current changes in the composition of the shareholders of the parent company did not affect the strategic development of the company. The factory implemented all our projects.
– Chinese partner does not intend to intervene in the management of the group, guaranteed by the provisions of the Treaty. Headquarters and center for research and development will remain in Italy. Technology is not passed on to third parties. Changing these conditions is possible only in the case of a set 90% of shareholder votes, according to the press service of the Pirelli.
Working as part of the Italian holding has a positive impact on the Kirov tire plant. So, from 2012 to 2015 the tyre production has increased by more than 46% to 6.17 million units per year. Investment of 100 million euros has allowed to master the production of premium brands and to enter the world market. So last year, exports were sent to more than 1 million tires.
In parallel, the factory has been working to promote their products on conveyors leading Russian automakers. At the end of 2015 CSZ successfully passed the audit of AVTOVAZ for the supply of tyres for Lada Vesta and Lada X-Ray. In March 2016 was held on the audit of the company Ford, in the end, CSZ was among its potential suppliers of tyres. In April 2016, deliveries began on the Volkswagen plant in Kaluga for projects Skoda Rapid and Volkswagen Polo.
In the plans for 2016 to significantly increase the share of premium tyre brands Pirelli, Formula Energy, Formula Ice, especially in the segment of studded winter tyres, most of which today goes for export,— said the “Navigator” press Secretary of the Kirov tire plant Ilya Petukhov.
In 2015, a Chinese investor withdrew ChemChina 65% stake in Pirelli. Another 22.4% of the shares of Italian holding company owned by the management of Pirelli through Camfin. 12.6 per cent stake in the company LTI, which
