Aeolus Tire becomes Prometeon Tire Group's largest shareholder

The Chinese company Aeolus Tire will receive from its parent company China National Tire & Rubber (CNRC) a 52% stake in Prometeon Tire Group (PTG), which is indirectly owned by CNRC. The share transfer agreement was signed for a period of three years, after which it will be automatically renewed. Thus, the Chinese company will become the main shareholder of the Prometeon Tire Group.

Aeolus was founded in 1965 and went public in 2003 on the Shanghai Stock Exchange. It manufactures over a thousand sizes of truck, bus and industrial tires under the Aeolus, Fengli and Henan brands. The company owns two factories in China with over 7,000 employees.

Prometeon Tire Group is an Italian company headquartered in Milan, formerly a division of Pirelli Industrial. It specializes in the production and sale of truck, bus and agricultural tires under its own brand and under the Pirelli brand. Prometeon Tire factories are located in Egypt, Turkey and Brazil, and the number of employees exceeds 7,000.

Aeolus currently owns 10% of PTG. According to the company, the deal with CNRC will help solve the problem of horizontal competition and create synergies in the interests of both manufacturers and their shareholders. Both companies will actively develop their strengths, develop technological innovations and increase production capacity to bring even more improved tires to the market, according to Aeolus Tire. Companies are also looking to streamline their raw material procurement processes and improve relationships with suppliers and other business partners.