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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
A team of 47 colleagues from VMI facilities in Epe, the Netherlands and Leszno, Poland participated in the Stelvio for Life challenge on Saturday 3 September. With this, they raised over 86,000 euros in the fight against cancer.
Earlier this month, Prometeon Tyre Group (PTG) became the main sponsor of Italian football club Parma Calcio. Its multi-year agreement with the club, which currently plays in the second-tier Serie B league, gives the tyre maker a presence on players’ shirts and within their home stadium. Shirts will display the Prometeon logo rather than the Pirelli branding encountered on PTG tyres.
The SuperTruck dealer consortium is gearing up to launch in six European markets, including the UK, and Prometeon Tyre Group has appointed Riccardo Schena to lead the network during this time of growth. The company introduced Schena, who has served as Prometeon’s chief financial officer for Europe since September 2020, to dealers at a recent meeting in the Italian town of Gubbio.
Manuel Zoldan and Gianluca Folco have answered a question we never thought of asking – how quickly can a wheel be changed on a moving vehicle? The Italian duo managed the task in 1 min 17.64 seconds, and this stands as a Guinness World Record.
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NRZ/Arno Borchers