The world renowned tire manufacturer Pirelli is being sold to ChemChina, a Chinese chemical firm in a €7.1bn. Under the agreement ChemChina will take a 26 percent stake in the company until the launch of a full takeover deal.
Chairman and CEO Marco Tronchetti Provera said, ““The agreement with the Chinese will have no impact on employment,” he said. “The opportunity with a partner like ChemChina is for the company to become bigger and to have a more effective penetration of the Asian market. Our factories and employment in general”
Mr Tronchetti Provera also confirmed the company’s headquarters and research and development would remain in Pirelli’s native Italy, and the quality for which the company is known would not be effected.
“The Chinese partners appreciate our ability to produce tyres of very high quality and our factories, which are at the cutting edge worldwide,” he said.
“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.”