Page 78 - The Tyreman V46 2015-2
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INTERNATIONAL TYRE NEWS
国际轮胎行业动态
ChemChina to buy 26 per cent of Pirelli Shares
26%
Chinese state-owned chemical conglomerate National - lli for US$7.7 billion. The aggressive move would give the Chi- a global tyre network in 140 countries and sales of more than US$6.5 billion.
The transaction will come through a ChemChina subsidiary, Chi- na National Tire & Rubber Corporation (CNRC), and is subjected to approvals by the Chinese and foreign government authorities. With lists assets of US$2.4 billion, CNRC described itself as Chi- na’s largest producer of OTR (off-the-road) tyres, controlling brand names Aeolus, Yellow Sea, Double Happiness, Rubber Six, Torch auto rubber hoses and air-conditioner hoses.
- - CemChina plans to buy the remaining stake in Pirelli.
Pirelli Chairman and CEO Marco Tronchetti Provera said Chem- China’s offer represented a great opportunity for Pirelli. CNRC’s approach to business and strategic vision guaranteed Pirelli’s de- velopment and stability.
Ren Jianxin, the Chairman of ChemChina, said the deal would cre- ate a world-class organisation and market leader in the global tyre industry. As a result, ChemChina would be able to play a leading role in the industry alongside rivals such as Bridgestone, Continen- tal, Michelin and Goodyear.
With annual sales of US$39.4 billion in 2013, ChemChina is con- sidered China's largest chemical company and 19th among the magazine on its Fortune 500 list. Aeolus Tyre Co, Ltd, ChemChina Qingdao Yellowsea Rubber Co, Ltd are among its tyre industry holdings.
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