Pirelli has announced that it has embarked on exclusive negotiations with RoadOne Tyre Co Ltd, a market leader in conveyor belt manufacturing. The new joint venture is to be based in Shandong Province and will manufacture large all-steel radial truck tyres for the domestic market and other export markets in South East Asia. Pirelli sees its latest move confirming its strategy in China, the world’s fastest growing market for road transportation. Negotiations with RoadOne Tyre began after some of the conditions stated in the company’s Letter of Intents with Aeolus Tyre (2004) could not be met.