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Pirelli proposes 31 July BoD renewal meeting

Yesterday, the Board of Directors of Pirelli convened to review the demands outlined in the Italian government’s Golden Power Procedure decision. Following deliberation, they reached a decision to recommend deferring discussions concerning the appointment of a new Board of Directors at the forthcoming shareholders meeting scheduled for 29 June 2023. Instead, they plan to address this matter during a subsequent shareholders meeting set to take place on 31 July 2023.

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  1. Golden Power: Pirelli plans to postpone Board nomination
  2. Correction – Giorgio Bruno not yet Pirelli CEO
  3. Strategic tyre sensors – Italy confirms Chinese shareholder restrictions for Pirelli
  4. Pirelli CEO: Andrea Casaluci to be nominated
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Pirelli CEO: Andrea Casaluci to be nominated

Restrictions placed upon major Pirelli & S.p.A. shareholder China National Tire & Rubber Corporation Ltd. include giving the remit of selecting the company’s chief executive to Camfin S.p.A. In a statement issued today, Camfin announces that it will nominate Andrea Casaluci to this role in addition to Marco Tronchetti Provera as Pirelli’s executive vice chairman. Giorgio Bruno, who was previously identified as Pirelli’s next CEO, is ending his tenure on the Board of Directors.

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Related news:

  1. Pirelli Shareholders’ Agreement enters force
  2. Pirelli governance remains unchanged pending agreement renewal
  3. Italy looking to limit Sinochem’s influence over Pirelli
  4. Sinochem Holdings established through ChemChina, Sinochem restructuring
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Strategic tyre sensors – Italy confirms Chinese shareholder restrictions for Pirelli

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Italy’s government has identified tyre sensor technology as a national strategic asset and, with the stated aim of preventing misuse of this technology, has confirmed it will use the Golden Power procedure to limit the influence that shareholder China National Tire & Rubber Corporation Ltd. (CNRC) has upon Pirelli & C. S.p.A. According to statements issued by the government on 16 June and Pirelli two days later, a range of measures will now curtail CNRC’s involvement in the tyre maker.

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Related news:

  1. Pirelli governance remains unchanged pending agreement renewal
  2. Pirelli shareholders amend agreement, some parties end co-investment accord
  3. Pirelli postpones shareholders’ meeting
  4. Will sale to ChemChina alter Pirelli’s motorsport focus?
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JK Tyre opens European Technology Centre in Milan

On 13 June, JK Tyre & Industry announced the opening of its European Technology Centre in Milan, Italy. The team in Milan will work closely with the team at JK Tyre’s Global Technology Centre in India and the company’s satellite R&D Centre in Mexico, according to company representatives. JK Tyre reports that it exports tyres to more than 100 countries so the task of the technology centre will be to “support product development for worldwide sites in OEM and replacement markets”.

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  1. Continental AG measures ‘encouraging’, but R&D budgets and European tyre factories could be cut – analysts
  2. Pirelli extends tyre tech research partnership
  3. Pirelli and Politecnico Milan renew research partnership
  4. Bridgestone to appoint new Europe tech centre MD
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Correction – Giorgio Bruno not yet Pirelli CEO

Although the Pirelli & C. SpA Renewal Shareholders’ Agreement came into force on 19 May 2023, Italy is still using its Golden Power Decree to look closely at shareholder China National Tire & Rubber Corporation, Ltd. The full implementation of the Renewal Shareholders’ Agreement and its application to all parties is being delayed until this process is concluded.

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Related news:

  1. Pirelli shareholders amend agreement, some parties end co-investment accord
  2. Pirelli governance remains unchanged pending agreement renewal
  3. Golden Power: Pirelli plans to postpone Board nomination
  4. Pirelli a Main Sponsor of World Ski Championships
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Golden Power: Pirelli plans to postpone Board nomination

The Board of Directors of Pirelli & C. SpA has received an update from shareholder China National Tire & Rubber Co., Ltd (CNRC) regarding the Golden Power Procedure that Italy’s government launched in response to the renewal of a Pirelli shareholder agreement signed in May 2022. This agreement is scheduled to take effect upon publication of the call for a shareholder meeting on 29 June 2023, however, CNRC informed the Board of Directors that the final provision of the Golden Power Procedure may be issued after the deadline for presenting lists for the next Board of Directors renewal.

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  1. Pirelli postpones shareholders’ meeting
  2. Pirelli governance remains unchanged pending agreement renewal
  3. Pirelli’s Inter Milan sponsorship to continue
  4. Pirelli renews Corimav partnership with University of Milano-Bicocca
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Pirelli governance remains unchanged pending agreement renewal

The three-year agreement pertaining to the governance of Pirelli & C. S.p.A. that took effect on 28 April 2020 has now expired. Although the Renewal of the Shareholder Agreement agreed upon on 16 May 2022 has not yet taken affect, Pirelli states that its governance structure will “remain unchanged” until it does.

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Related news:

  1. Pirelli shareholders amend agreement, some parties end co-investment accord
  2. Pirelli postpones shareholders’ meeting
  3. Pirelli shareholders’ agreement renewed
  4. Camfin & Brembo sign Pirelli consultation agreement
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Pirelli postpones shareholders’ meeting

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As reported yesterday, Italy’s government is looking to ensure tyre maker Pirelli isn’t unduly influenced by its largest shareholder. A piece of legislation named Golden Power may help to this end, and in light of activities linked to this rule, Pirelli has postponed an upcoming shareholders’ meeting.

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Related news:

  1. Italy looking to limit Sinochem’s influence over Pirelli
  2. Pirelli major shareholder Chemchina restructuring
  3. Sinochem Holdings established through ChemChina, Sinochem restructuring
  4. Pirelli truck tyre business to merge with Aeolus
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Italy looking to limit Sinochem’s influence over Pirelli

According to people familiar with the matter, Italian officials are attempting to limit the influence Sinochem has on Pirelli. Reporting this development, Bloomberg shares that officials are speaking with Pirelli investors about a range of options related to corporate structure.

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Related news:

  1. Pirelli major shareholder Chemchina restructuring
  2. ChemChina now holds 30% of Pirelli shares
  3. Pirelli industrial/consumer tyre business split continues
  4. Pirelli and Hixih move closer together
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Davanti Tyres holds first Italian conference

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Davanti Tyres

Davanti Tyres’ Italian subsidiary has held its first customer conference in Rome. The Italian arm of the UK-headquartered tyre brand was established a year ago. The company said the conference gave its Italian team the opportunity to present Davanti’s progress in the region to existing and prospective customers.

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Related news:

  1. Davanti launches Italian subsidiary at Autopromotec 2022
  2. Pirelli awards recognize nine suppliers from around the world
  3. Continental producing medical hoses in Italy
  4. Italian auto suppliers ‘at risk’ if supply chain remains closed – Brembo chairman
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Michelin appoints Giuliani as VP Corporate Sales & Distribution Europe

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On 4 January Marco Giuliani physically rejoined Michelin Headquarters in Clermont-Ferrand after a number of years to take on the role of vice president corporate Sales and Distribution Europe.

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  1. Michelin Installing Europe’s Largest Photovoltaic Roof
  2. New sales manager for Cooper Tire France
  3. Tereos joins BioButterfly, signs agreement with Michelin
  4. Michelin decarbonising Cataroux site in France
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Continental voluntarily recalls 7,103 tyres

Continental

Continental has announced a voluntary replacement programme for a total of 7,103 tyres worldwide. According to a statement detailing the news published on 7 December 2022, the exchange programme is being offered in Germany, Austria, Switzerland, Spain, France and Italy. In the German market, for example, a total of 745 tyres that were sold through the tyre replacement business or are still in the stocks of tyre dealers are eligible for exchange. A Continental Tyre Group spokesperson confirmed that the UK market is not affected by the voluntary exchange programme.

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  1. CV trailer market to grow 2% despite weak 1H
  2. European car registrations fall again
  3. European September CV sales – "Downturn prevails"
  4. UK the one bright spot in YTD EU truck sales
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Roadhound & Climber XC: Eurogrip debuts 2 tyres at EICMA

The EICMA motorcycle show returns to Milan this week, and amongst the products on display are two newcomers from Eurogrip, one of the fastest growing brands in the powered two-wheeler tyre segment. Eurogrip globally launched the Roadhound sport touring tyre and the Climber XC off-road tyre.

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  1. TVS Eurogrip: A new, tech-focused motorcycle tyre brand for millennials
  2. Pirelli presenting new scooter tyre lines at EICMA
  3. Pirelli awards recognize nine suppliers from around the world
  4. Metzeler – 4 new moto tyres
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Marangoni Germany exhibits Westlake OTR tyres at Bauma 2022

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NRZ/Arno Borchers

Zhongce Rubber’s Westlake brand OTR tyres made an appearance at Bauma 2022 in Munich, Germany alongside its sales partner, Marangoni Retreading Systems Deutschland (MRSD). The two companies have also cooperated in Italy; the latest Westlake tyres manufactured by Zhongce Rubber will also appear in the Italian market via Marangoni. Tyrepress sister website Reifenpresse visited the companies’ exhibition.

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  1. Broadening the Base of the Business
  2. Ringtread Marketing Begins Successfully For Ellerbrock
  3. Portrait Of Marangoni Tyre GmbH
  4. Marangoni Pneumatici a new name in OTR in the UK
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ISCC PLUS sustainability certification for Bridgestone’s Roma plant

The Bridgestone factory in Rome, Italy has become the company’s first tyre plant worldwide to achieve International Sustainability and Carbon Certification (ISCC) PLUS certification. The plant gained certification at the beginning of September thanks to its use of bio-circular and circular-based materials. Bridgestone EMIA says it will expand the assessment programme to further European plants from 2023.

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  1. Energy management system certification for Bridgestone TCE
  2. Bridgestone Firestone Plant Awarded ‘Green’ LEED Certification
  3. Second Bridgestone Americas Site Earns LEEDS Certification
  4. Native Plants Helping the Environment & Bottom Line at BBTS
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