On 28 June, China National Tyre & Rubber Co., Ltd (CNRC), a subsidiary of state-owned conglomerate Sinochem Holdings, completed the acquisition of the 38 per cent share in Prometeon Tyre Group (PRG) owned by High Grade (HK) Investment Management Ltd. Once it has concluded “internal decision-making procedures,” CNRC will entrust its stake in PTG to Aeolus Tyre.
Prometeon Tire Group has appointed Luca Frangi as CEO for its Eastern European organisational structure. Frangi has almost 20 years of experience within Pirelli. He will take up his new position in July 2022. Prometeon added that Jarosław Krzempek will leave the company from 8 July 2022 to take advantage of new professional opportunities.
In early May, Prometeon Tyre Group launched its Pirelli-branded Serie 02 truck tyre range in Venice, Italy. More than 200 customers from 10 countries were invited to learn about the launch of the Serie 02, which has been on sale in the EMEA region since April. General manager Roberto Righi, chief technical officer Alexandre Bregantim, head of marketing Sabina Oriani and region Europe CEO Francesco Antonacci were all on-hand to explain about Prometeon’s latest products and strategies.
Prometeon is introducing a new generation of Pirelli-branded truck tyres, with five product lines for long haul, regional, urban and construction site applications arriving in EMEA markets early April. The range includes the first long haul Prometeon tyre with an EU label A rating for fuel efficiency.
Yokohama has appointed Gregorio Borgo as president and CEO of Yokohama´s European headquarters, Yokohama Europe GmbH. He succeeds the current president, Hiroyuki Shioiri, who becomes chairman of Yokohama Europe GmbH effective 10 October 2021.
Prometeon Tyre Group has opened its largest global dedicated R&D Centre at its plant in Kocaeli, Turkey. The opening ceremony was held in the presence of Mustafa Varank, Minister of Industry and Technology of Turkey. Representing Prometeon were Roberto Righi, deputy general manager of Prometeon Tyre Group, Alexandre Bregantim, global chief technical officer of Prometeon Tyre Group, Lale Cander, chairwoman of Prometeon Turkey, and the entire management team of Prometeon Turkey. The event was held with a limited number of guests, in line with the ongoing pandemic measures.
Prometeon Tyre Group shares that it recently extended storage capacity at its central warehouse in Germany to accommodate additional stocks of agricultural tyres. The tyre maker says it expanded warehouse operations in order to speed up delivery times throughout the region as well as to offer better its trading partners a higher level of service, however, it that this extra capacity at the Dieburg site, which has been available since 1 July, coincides with growth in its Pirelli IF agricultural tyre range.
Prometeon Tyre Group has named Roberto Righi as deputy general manager. The appointment, which takes effect immediately, means Righi will report directly to the board of directors.
PJ Thory Ltd has installed a TyreWatch system to monitor and control tyre maintenance and safety across its extensive 8-wheeler HGV fleet. The firm’s diverse operation spans mixed haulage, aggregate supplies, waste management and demolition. Working with TyreWatch technicians and Prometeon Tyre Group, the agro and off-road tyre specialist, PJ Thory, undertook an analysis and short trial to assess their requirements and bed-in the new tyre pressure management system (TPMS), which is now fitted to 11 Scania vehicles with a number of new DAF 8 wheelers to follow.
The restructuring of Sinochem Group Co., Ltd. and China National Chemical Corporation Ltd. (ChemChina) has resulted in the establishment of a new entity, Sinochem Holdings Corporation Ltd. (Sinochem Holdings). As of 8 May 2021, both Sinochem Group and ChemChina became wholly-owned subsidiaries of the new state-owned enterprise, which is said to be the world’s largest chemical conglomerate.
Prometeon Tyre Group (PTG) has declared its two-year turnaround process over and underpins this with its recently-released annual results for 2020. Giorgio Bruno, chief executive officer of Prometeon Tyre Group and Gregorio Borgo, chief operating officer, state that the “turnaround path is ended” and that PTG is “stronger and more resilient,” having been able to “improve margins, protect cash and strengthen asset structure, despite the pandemic.”
Pirelli executive vice chairman and CEO, Marco Tronchetti Provera, has proposed current Prometeon Tyre Group (PTG) chairman and CEO Giorgio Luca Bruno as Pirelli deputy-CEO, reporting directly to him. Tronchetti Provera made the proposal with the aim of supporting the execution of Pirelli’s forthcoming industrial plan, which will be presented on 31 March 2021, according to a company statement dated 24 March 2021.
Aeolus Tyre Co Ltd and its controlling shareholder, China National Tire & Rubber Co. Ltd (CNRC, which is itself owned by Chinese petrochemical giant ChemChina) executed a “share entrustment agreement” on 30 November 2020. According to the agreement, CNRC will “entrust” its 52 per cent shareholding in Prometeon Tyre Group Srl to Aeolus for three years. But the three-year term will be automatically renewed upon expiry.
Pirelli shareholder Camfin now has the right to buy up to 15 per cent of Pirelli shares. The news came when Camfin announced on 26 September that it had underwritten “an additional financial instrument, maturing in September 2022, denominated ‘Call Spread’ with 8.9 million Pirelli shares underlying”. Call Spread’s shareholding equates to 0.89% of Pirelli’s share capital.
With the introduction of the Pirelli H:01 Proway line, Prometeon Tyre Group says it is offering tyres that provide “maximum efficiency in long-distance transportation” thanks to reduced rolling resistance and improved durability. Two tyres are available in this latest evolution of the :01 Series – the steer axle Pirelli FH:01 Proway and the drive axle TH:01 Proway.
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