Arab Today, arab today pirelli future and calendars safe in chinese hands
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

Pirelli future, and calendars, safe in Chinese hands

Arab Today, arab today

Arab Today, arab today Pirelli future, and calendars, safe in Chinese hands

Pirelli chief executive Marco Tronchetti
Milan - AFP

ChemChina's takeover of Pirelli has guaranteed the future of the Italian tyremaker, and its celebrated racy calendars, according to the group's chief executive.
In an interview with AFP at the company's Milan headquarters, Marco Tronchetti had a reassuring message for fans of the annual collection of pictures of scantily-clad supermodels shot by leading photographers.
"It is the one thing Chinese, Italians and Russians can all agree on -- we'll never give it up," Tronchetti said on Wednesday.
Launched in 1964 as an annual giveaway for garages that sold Pirelli tyres, the main calender has evolved from the cheesy to the arty end of the erotica spectrum.
It's glossy celebration of feminine curves has become integral to a brand that, thanks also to its Formula One links, is sufficiently strong for it be described by one analyst as the Prada of the world of burning rubber.
According to Tronchetti however, ChemChina is acquiring a lot more than a prestigious marque with the 7.4-billion-euro ($8.1 billion) deal paving the way for the state-owned Chinese giant to take control of one of Italy's industrial icons.
The accord will see Pirelli delisted from the Milan bourse and split into two units, one producing high-end tyres, the other industrial ones.
According to Tronchetti, the plan removes the risk of Pirelli, which will continue to have Italian and Russian shareholders, becoming a target for hostile takeover attempts.
"ChemChina are helping us stabilise the company's shareholder structure for the forseeable future, ensuring we remain actors in the market, rather than becoming pawns," he said.
- Motorsport training -
If all goes well, the new unit producing high-tech and racing tyres will be floated while the mass market production will be merged with Chinese subsidiary Aeolus.
The upmarket branch of the business will continue to be based in and run from Italy, Tronchetti stressed, while the deal opens up a Chinese market into which Pirelli has hitherto made little inroad.
As such, it is exactly the kind of strategic alliance Pirelli has been seeking for several years.
As well as pledging to continue production of both Pirelli calanders (a Chinese version was launched five years ago in Shanghai), Tronchetti said there was no question of the company ending its "crucial" involvement in motorsport.
"It is where we create our technology. It is kind of our training room for the future of Pirelli," he said.
"Not only will we be continuing, we will be making it even more of a priority."
ChemChina's principal interest lies in the access it gains to Pirelli's technology, notably its capacity to produce tyres on which components can be replaced, extending their lives and making them more economical and environmentally friendly.
The deal has been attacked by labour unions as a sign of Italy ceding control of a strategic industrial asset but misgivings have otherwise been muted, with most politicians apparently accepting Prime Minister Matteo Renzi's emphasis on the need for the economy to become more open to inward investment.
"Renzi is on the right path," Tronchetti said. "This is the future. There are Italian, Russian, Chinese shareholders, the company will return to the stock exchange but we have protected Italian technology.
"Italy has made some very bad industrial choices in the last few decades, protecting only a few state companies while allowing them to become marginalised from world markets.
"Those who take an interest in the future of the country have all welcomed this deal."
The alternative, the 67-year-old says, would have been a merger of equals with a rival tyremaker that would have been doomed to failure.
With ChemChina, "there is no conflict. It seems balanced to me."
Tronchetti, who has been guaranteed five more years at the wheel of the company, recalled that he had taken over as CEO in 1992 in the aftermath of an aborted attempt to forge an alliance with the German group Continental.
"At the time the company was under serious threat (of losing its independence). Now my objective is to give Pirelli a future that is, as far as possible, guaranteed so that, tomorrow, someone cannot come along and buy it with the intention of dismantling the company and destroying the work that has been done."

 

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today pirelli future and calendars safe in chinese hands Arab Today, arab today pirelli future and calendars safe in chinese hands

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today pirelli future and calendars safe in chinese hands Arab Today, arab today pirelli future and calendars safe in chinese hands

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday