CHEMCHINA and Camfin have agreed to form an industrial partnership with the objective of boosting the ongoing growth strategy of Pirelli. The partnership strengthens the Group’s presence in the APAC strategic geographic area characterized by strong growth as well as giving birth to a global leader in the Industrial tyre segment.

The Parties recognize the pivotal role of Pirelli’s current top management as a key factor for the ongoing success and growth of Pirelli and its business. In fact, the partnership is predicated on the continuation of Pirelli’s entrepreneurial and business culture.

Central to the agreement is the continuity and autonomy of the Pirelli group’s present managerial structure and business culture. The transaction envisions ChemChina appointing the Chairman and Marco Tronchetti Provera remaining as the Chief Executive Officer of Pirelli.

Marco Tronchetti Provera guaranteed that “the agreement with the Chinese will have no impact on employment” but in fact “the opportunity with a partner like CHEMCHINA is for the company to become bigger and to have a more effective penetration of the Asian Pacific market. “The headquarters and R&D will be kept in Italy and technologies cannot be transferred to third parties. All proposals about management, strategies and choice of managers remain the sole responsibility of Pirelli’s CEO and can only be rejected by the Board in cases where it can be demonstrated that the proposals are not in the interests of Pirelli.”

“Our factories and employment in general,” Mr Tronchetti Provera said, “can only benefit, in future, from the entrance of a new shareholder. The Chinese partners appreciate our ability to produce tyres of very high quality and our factories which are at the cutting edge worldwide. These are the points of strength in which we will continue to invest because they will allow us to maintain our leadership in the Prestige segment and to be among the leading producers in the Premium segment.”