Pirelli renames industrial tyre unit to Prometeon Tyre Group
Pirelli & C. S.p.A.’s split into separate consumer and industrial tyre companies took another key step this week with the renaming of the industrial tire business unit as Prometeon Tyre Group S.r.l.
Pirelli disclosed this move and others—including the intention to effect a public offering in 2018 for Pirelli as a pure consumer tyre company—in its fiscal 2016 financial results statement.
Pirelli also disclosed a revised shareholding structure, noting that a 52 percent shareholding in Prometeon owned by Pirelli’s TP Industrial Holding unit was reassigned to Marco Polo Industrial Holding S.p.A., the investment vehicle set up in 2015 to facilitate China National Chemical Corp.’s acquisition of Pirelli.
Marco Polo, in turn, is owned by CNRC (65 percent), Cam Finanziaria S.p.A. (22.4 percent) and Long Term Investment (12.6 percent), according to Pirelli.
Meanwhile, 38 percent of shares in PTG have been sold to a Chinese investment fund called Cinda International Holdings Ltd. for $242 million.
In addition, the board of directors of TP Industrial Holding confirmed Pirelli Chairman Ren Jianxin as chairman of Prometeon; Pirelli Executive Vice Chairman Marco Tronchetti Provera as vice chairman; and Pirelli Industrial CEO Pal Pino as CEO.
The new ownership structures are intended to enable both Pirelli and PTG to pursue independent paths.