4 Jul 2022 by Shahrzad Pourriahi
Purchase gives the company full technical control of Italian tire maker
Shanghai, China – Aeolus Tyre has acquired an additional 38% stake in Prometeon Tyre Group Srl (PTG), a move that technically gives it full control over the former Pirelli commercial tire unit.
In a 30 June filing with the Shanghai Stock Exchange, Aeolus said it had acquired the 38% share owned by High Grade (HK) Investment Management Ltd.
With the transaction, which is being reportedly valued at around €270 million, Aeolus becomes the direct owner of 48% of Prometeon shares.
The remaining 52% is owned by TP Industrial Holding – a company controlled by China National Chemical Rubber Co. – which entrusted its stake in PTG to Aeolus Tyre in December 2020.
With four tire plants across Brazil, Egypt and Turkey, Milan-based PTG manufactures and commercialises Pirelli branded truck, bus, farm and OTR tires under license.
PTG ranks 23rd in the current ERJ-published Global Tire Report rankings, with 2020 sales of $1.09 billion.
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