Aeolus to take major stake ownership in Prometeon

China National Tire & Rubber Co., Ltd. (CNRC) has “entrusted” Aeolus Tyre with a 52 per cent ownership stake in Prometeon Tyre Group (PTG).

Aeolus now owns 62 per cent of PTG, having already held 10 per cent shares in the Milan-based tyre maker, which was formerly called Pirelli Industrial S.r.l.

The “entrustment” agreement runs for an initial three years, which shall be automatically renewed upon expiration, CNRC said in a November 30 statement.

CNRC added that it hopes the new agreement will solve the “horizontal competition issue” between Aeolus and Prometeon.

In the future, Aeolus and PTG will actively improve technological innovation and advanced manufacturing capabilities, and provide customers with more and better quality products, CNRC concluded.