TP Industrial Holding - a subsidiary of CNRC - has signed agreements with CNRC, Aeolus and High Grade (HK) Investment Management Limited for the full integration of its industrial activities with the other segment assets controlled by CNRC, including Aeolus and Guilin Beili .
This integration is expected to be formally finalized within the year, once approvals have been received, including from the competent authorities, with the transfer to Aeolus of the 52% stake held in Prometeon Tire Group (formerly Pirelli Industrial).
In this context, Aeolus, a company listed on the Shanghai stock exchange, is expected to adopt - subject to approval by the shareholders' meeting - the new company name in English "Prometeon Tire Group Co., Ltd." at the closing of the transaction.
The new protagonist of the Industrial sector that will be born from the full integration:
– will be the first “pure Industrial tire company”, one of the global leaders in the segment with a production capacity of approximately 18 million pieces;
– will be able to count on a commercial presence on a global scale, a consolidated industrial structure and around 18.500 employees;
– will be able to exploit the synergies deriving from the complementarity of the various integrated assets in terms of distribution, geographical presence and products;
– will offer a rich portfolio of products for each market segment. The top of the range of Premium products will be represented by the Pirelli brand, while the next segment will be represented by the Aeolus brand, followed, in the subsequent market segments, by the Yellow Sea, Double Happiness and Torch brands;
– the new group will have two nerve centres, one in Beijing and one in Milan.
