Sinochem Group invested 7.1 billion euros (about 47.621 billion yuan) to acquire 26.2% of the Italian Pirelli Group, the world's fifth largest tire company, and became its controlling shareholder. This decision gave Pirelli Tire Company in Luzhou, Shandong Province, a new opportunity and challenge.
Attached to Shandong: Pirelli and Zhangzhou Huaqin "marriage" to build a new factory
The Pirelli tire company in Quzhou, Shandong Province is of a special nature. It is a joint venture between the Italian Pirelli Group and the local Chinese company Huaqin Group. The Pirelli Group accounts for 60% and the Huaqin Group accounts for 40%. It produces high-end car tires and high-performance competitive motorcycle tires. Industrial tires. Last year, the Luzhou plant became the Pirelli Group's largest and most equipped tire manufacturing plant in the world.
Not long ago, Pirelli and Huaqin Group formed KONE Tire Co., Ltd., jointly announced the launch of the “Lutong†brand, with Huaqin Group accounting for 60% and Pirelli Group accounting for 40%, mainly producing medium and high-end industrial tires.
Where will the state-owned subsidiary purchase the Pirelli equity Cangzhou factory go?
Sinochem acquired the equity of the Italian Pirelli Group. The biggest change for the Pangzhou Pirelli Tire Company is that it will become a polymer of state capital, international capital and private capital. It is reported that after this acquisition, Pirelli's decision-making power will remain unchanged, and continue to fully control the operation of the entire company.
How will the business work in the future? How do the roles of the parties in business management play? It remains to be seen. But what is certain is that this acquisition has an important impact on improving the overall technical level of Sinochem Group and increasing the degree of internationalization. At the same time, the unique capital structure of the Zhangzhou factory, the effectiveness of its next operation, is also a useful attempt for the reform of mixed ownership that is currently being promoted.
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