Known for its style, speed and performance marketing values, Pirelli & C. S.p.A. is a multinational company based in Milan, Italy, listed on the Milan Stock Exchange since 1922, with a temporary privatization period by the consortium led by the Chinese state-owned enterprise ChemChina.
Stapleton’s Tyre Service has agreed terms to buy Pirelli’s CPK tyre wholesale business for an undisclosed sum. A TUPE consultation process commenced with elected representatives of CPK on Monday 26 July. The sale is said to fall within Pirelli UK's strategy to focus on its core business, which does not include tyre retail or wholesale operations.
Two men were arrested for stealing some $100,000 of tyres from the Pirelli Tire North America plant in Rome, Georgia, reports Tire Review. The pair were charged after a county police sting operation caught them taking some 150 tyres out of trucks at the plant site and attempted to sell them to officers.
Pirelli has described last weekend’s racing at Hockenheim as ‘action-packed’. The two races held during the fifth round of the inaugural GP3 series were characterised by incidents, accidents, and changeable weather – which meant the company’s rain tyre saw its first use on Friday and Saturday during free practice and qualifying.
Ferrari’s second first and second place finish and general domination over the weekend at the German Grand Prix was marred by a maximum $100,000 fine for breaching sporting regulations, after Felipe Massa appeared to allow Fernando Alonso to pass him and win the race after a less-than-coded message from his engineer. While Ferrari officials and Massa himself denied any instructions effectively to hand the race to Alonso were issued, the constructor decided to accept the fine without appeal “in the interests of the sport,” according to team boss Stefano Domenicali. Bridgestone’s attempts to inject interest with the widest possible gap between tyre compounds were foiled by low track temperature allowing the super soft tyre to run longer than had been anticipated.
Following prosecution by the Health and Safety Executive, Pirelli Tyres Ltd has been fined £9,000 for an incident in which an employee’s leg was broken when he was hit by a forklift vehicle in the tyre maker’s Carlisle plant. Allan Miller, a 62-year-old contractor, was walking through an area within the curing department at the Dalston Road site when he was struck from behind by a pallet being carried on a forklift truck. He has been unable to return to his normal duties, the HSE reports.
The German Grand Prix had an exciting, rain-affected first practice session, with strong Championship contender Lewis Hamilton smashing his McLaren into a tyre wall at turn three. Meanwhile, the on-track intrigue this weekend would be escalated further by tactical decisions made as a result of Bridgestone’s decision to bring its super-soft and hard compounds to Hockenheim, should the rain stop long enough for their use.
Pirelli & C. S.p.A. has given details of what will be carried out in accordance with the resolutions regarding the reverse stock split of ordinary and savings shares adopted at its Extraordinary Shareholders’ Meeting on 15 July 2010. The company intends to begin the reverse stock split on July 26 and carry out the transaction according to the details outlined in the official Pirelli statement printed below:
Powered access rental company AFI-Uplift has chosen ATS Euromaster to supply and service the tyres across its fleet of nearly 4,400 assets. The estimated worth of the deal is in excess of £120,000 a year. AFI has 18 depots throughout the UK, a 90-strong commercial vehicle fleet and 4,300 access machines. The rental firm says its decision to sign with ATS Euromaster largely because the company has health and safety values and standards matching its own.
You may have already heard that the Pagani Zonda R recently set the fastest lap time for a production car around Germany’s Nürburgring, but some news sources overlooked the modest hero of the day. As the Zonda R thundered around the Nordschleife circuit in Nürburgring, covering the 20.83 kilometres in 6 minutes 47 seconds – a second quicker than the previous record set last August – the Italian supercar benefitted from its P Zero Slick tyres, fitted in size 265/645-19TL for the front and 325/705-20TL at the rear.
This is a short extract. Tyrepress and Tyres & Accessories subscribers can log in below to read the full article.
If you are not yet a Tyrepress or Tyres & Accessories subscriber, you can change that here.
Becoming a member has benefits such as:
India’s Kesoram Industries Ltd has notified the Bombay Stock Exchange of the declaration of a lockout at its Birla Tyres plant in Orissa as of July 16. This measure has been taken, the company says, in response to a strike that took place the previous day. In a corporate filing, Kesoram stated the workers “are forcibly squalling inside the factory premises of the said section in an illegal manner.”
The fourth round of the inaugural GP3 series, run on the revised Silverstone track layout, gave Pirelli’s hard compound tyres a chance to show drivers their performance characteristics. Pirelli notes the new hard compound Pirelli PZero 13-inch tyres proved to be “both fast and reliable at Silverstone despite a wide variety of weather conditions that accurately reflected the vagaries of the British climate.”
At an Extraordinary Shareholders' meeting held on July 15, Pirelli C. & SpA shareholders approved the separation of Pirelli Real Estate from the Pirelli Group by way of proportional assignment to ordinary and savings shareholders. These shareholders will be assigned a total of 487,231,561 ordinary Pirelli RE shares that are currently held by Pirelli & C. To this end, the shareholders approved a reduction of the share capital in an amount equal to 178,813,982.89 euros, a sum that corresponds to the value of the Pirelli RE stake being assigned and was determined on the basis of the official Pirelli RE share price as of 14 July 2010.
Market analysts at Morgan Stanley have predicted a “robust second quarter results season characterised by rebounding volumes and cost savings.” The volume of sales, which are reported to have improved from the low base of 2009, is said to be tyremakers’ biggest tailwind, but the increased cost of raw materials are also expected to kick-in in the manufacturers’ second quarter reports.
Raw materials are estimated to add a headwind of 300 – 440 basis points to the tyremakers’ margins, a trend that Morgan Stanley expects to accelerate through the rest of the year. Crucially, Morgan Stanley’s view is that while some of the numerous prices increases implemented up till now “are likely to feed through to the bottom line already,” they are note expected to cover more than a third of the input cost burden this quarter.
Borovets in Bulgaria was home to the tough 220.03 mile course of Rally Bulgaria, round seven of the 2010 World Rally Championship, of which Pirelli is the exclusive tyre supplier under a three-year agreement with the FIA, motorsport's world governing body.
It was the threat of unpredictable weather that made the availability of the soft compound Pirelli P Zero tyre essential for the competing crews. On gravel events, WRC regulations restrict drivers to a pre-determined compound of Pirelli's Scorpion tyre. On asphalt events, they can choose between the hard (for dry conditions) or soft (for wet conditions) compound P Zero, albeit with a restriction of 40 covers in total. In Bulgaria, they had an allocation of 34 hard compound tyres and 24 soft compound tyres, eight more than usual, following reports of possible thunderstorms.
The fourth round of the inaugural GP3 series took place at Silverstone over the weekend and gave drivers their first opportunity to savour the circuit’s revised track layout, which features seven new corners that have increased lap length and average speed. Silverstone also saw the debut of tyre supplier Pirelli’s hard compound tyres, which were left on the rack in favour of the medium compound in Barcelona and Istanbul followed by the soft compound during round three in Valencia.
If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.
