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Aeolus |
Pirelli and Aeolus Tyre Sign Chinese JV Agreement
Italian tyre manufacturer Pirelli and Aeolus Tyre Co. Ltd., the Chinese manufacturer, which is listed on the Shanghai Stock Exchange, have signed a Letter of Intent to set up a Joint Venture in Henan Province during 2005, with a view to producing radial truck tyres, mainly for Chinese domestic consumption and for export to other countries in South East Asia.
In addition, a new plant for the production of radial tyres and a steel cord factory are also planned. When these investments are complete the Joint Venture, will therefore manage three productions sites in the area. The overall investment planned for the next three years amounts to more than 150 million Euros.
China is now the fastest growing tyre market in the world. In the first half of 2004 alone, production of radial tyres increased by 28.5% compared to the same period of last year, with a total output of over 38 million units. This now represents more than 60% of the overall domestic tyre production.
"We have identified in Aeolus Tyre a high profile partner with all the necessary qualities to succeed in this joint venture", declared Mr. Francesco Gori, General Manager of Pirelli Tyres Sector, "Pirelli is a technology leader in radial tyres worldwide and we intend to be among the key players at this time of strong growth of the radial tyre business in China".
"We believe that Pirelli is the best possible foreign partner, either in terms of technology and international experience and in terms of brand recognition on the Chinese market. Pirelli is a well known company across the world with a long tradition and respectful understanding of specific cultural attitudes and local requirements", added Mr. Cao Chaoyang, Chairman of Aeolus Tyre Co. Ltd. "We are confident that this partnership will offer us the opportunity to meet the increasing demand for radial tyres in China, as a result of the rapid growth of the automotive sector. Pirelli and Aeolus will therefore give an important support to modernize our country".
This transaction is subject to the approval of the competent Chinese Authorities.
www.tyres-online.co.uk
Italian tyre manufacturer Pirelli and Aeolus Tyre Co. Ltd., the Chinese manufacturer, which is listed on the Shanghai Stock Exchange, have signed a Letter of Intent to set up a Joint Venture in Henan Province during 2005, with a view to producing radial truck tyres, mainly for Chinese domestic consumption and for export to other countries in South East Asia.
In addition, a new plant for the production of radial tyres and a steel cord factory are also planned. When these investments are complete the Joint Venture, will therefore manage three productions sites in the area. The overall investment planned for the next three years amounts to more than 150 million Euros.
China is now the fastest growing tyre market in the world. In the first half of 2004 alone, production of radial tyres increased by 28.5% compared to the same period of last year, with a total output of over 38 million units. This now represents more than 60% of the overall domestic tyre production.
"We have identified in Aeolus Tyre a high profile partner with all the necessary qualities to succeed in this joint venture", declared Mr. Francesco Gori, General Manager of Pirelli Tyres Sector, "Pirelli is a technology leader in radial tyres worldwide and we intend to be among the key players at this time of strong growth of the radial tyre business in China".
"We believe that Pirelli is the best possible foreign partner, either in terms of technology and international experience and in terms of brand recognition on the Chinese market. Pirelli is a well known company across the world with a long tradition and respectful understanding of specific cultural attitudes and local requirements", added Mr. Cao Chaoyang, Chairman of Aeolus Tyre Co. Ltd. "We are confident that this partnership will offer us the opportunity to meet the increasing demand for radial tyres in China, as a result of the rapid growth of the automotive sector. Pirelli and Aeolus will therefore give an important support to modernize our country".
This transaction is subject to the approval of the competent Chinese Authorities.
www.tyres-online.co.uk
Интернет магазины Киева, Украины.
