◎ Xu Yiming
On August 3, the signing ceremony for “Shenzhou Passenger Car Tire Intelligent Manufacturing Project” between Hixih Rubber Industry Group and Pirelli was held in Yanzhou, Shandong Province. Thus, Pirelli will run a new tire factory in China through Jining Shenzhou Tire Co., Ltd. for passenger car tire production.
Based on the agreement, Pirelli will purchase 49% of shares of the new factory with about Euro 65 Million, operate and manage the factory and have the right to increase the shareholding to 70% from January 1, 2021 to December 2025.
According to Pirelli, becoming a shareholder of the tire factory with advanced technology would strengthen Pirelli’s high value strategy which views Asian-Pacific region as its key growth factor and includes constant improvement of product mix, digitization of production process and sustained attention on environmental and sustainable development. This investment would ensure Pirelli possesses necessary flexibility in high value field to adapt to the changing Chinese market and to satisfy the demands of continuously developing electric vehicle market and ever-increasing OME business in China, Japan and Korea.
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