Pirelli says US investment plans on hold over Chinese shareholder

Pirelli has put on hold plans to invest further in the United States as it tries to smooth out tensions linked to having Chinese state-owned group Sinochem as its largest investor, the Italian tyre maker said on Friday. Sinochem has a 37% stake in Pirelli and is at odds with the company and its Italian shareholders over governance, at a time when being seen as a Chinese-linked business is increasingly proving an obstacle for doing business in the U.S., one of Pirelli's key markets. Pirelli makes around 25% of its revenues in North America, which it mostly serves through its plants in Mexico, South America and Europe, although it also runs a smaller facility in the U.S. state of Georgia.

Pirelli's US business hindered by Sinochem's stake, says Tronchetti Provera

Pirelli is having difficulties investing in the United States because its largest shareholder is China's state-owned Sinochem, the Italian tyremaker's executive vice chairman Marco Tronchetti Provera said in a newspaper interview on Tuesday. Pirelli's Chinese and Italian shareholders are at odds over the group's governance as Washington cracks down on Chinese technology in the automotive industry, banning key software and hardware from Chinese-controlled companies. Tronchetti Provera told Italian daily la Repubblica that Sinochem's 37% stake had proved a hurdle when Pirelli had negotiated with local authorities over doing business in the states of Alabama and Virginia.

Italian and Chinese shareholders in Pirelli clash over governance

MILAN (Reuters) -Chinese and Italian shareholders in Pirelli are at odds over the group's governance, two sources said, with the Chinese investor potentially a hurdle for the Italian tyremaker's plans to do more business in the United States. China's state-owned Sinochem is the largest investor in Pirelli with a 37% stake in Pirelli, at a time when China is the U.S.' top military and cyber threat, according to a report by U.S. intelligence agencies published on Tuesday. Washington is cracking down on Chinese technology in the automotive industry, banning key software and hardware from Chinese-controlled companies in connected vehicles on U.S. roads.

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Pirelli considers US investment to curb tariffs impact

MILAN (Reuters) -Tyremaker Pirelli will seek to limit the impact of possible tariffs, including by expanding U.S. output, it said on Wednesday, while forecasting an adjusted earnings before interest and tax (EBIT) margin of around 16% for 2025, higher than last year. The Italian tyremaker makes around 25% of its revenues on the North American market. "We are considering significant investments in the U.S. to increase production capacity," Executive Vice-chairman Marco Tronchetti Provera said in post-earnings call with analysts.

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Pirelli's third-quarter operating profit rises above forecasts

Italian tyre maker Pirelli said on Thursday its operating profit rose more than expected in the third quarter, thanks to growing volumes, product mix and efficiencies. The company said adjusted earnings before interest and tax (EBIT) grew 4.4% in the quarter to 276.8 million euros ($2.99 billion), higher than 270 million euros in an analyst consensus provided by the company. Pirelli confirmed its guidance for 2024, narrowing its outlook on full-year revenue to about 6.7 billion euros from between about 6.6 and 6.8 billion it had forecast in August.

Italy opens procedure against China's Sinochem for possible breach of Pirelli governance

Italy has opened an administrative procedure against China’s Sinochem, the largest shareholder in Italian tiremaker Pirelli, for a possible breach of restrictions designed to protect national strategic assets. Pirelli announced Wednesday that the procedure was launched under the so-called “golden power” provisions, which include restrictions to the access of some information and higher vote thresholds for strategic decisions, invoked by the Rome government in mid-2023. Pirelli said Sinochem, which controls a 37% stake in the company, has denied any violations of the restrictions, adding the Italian government had 120 days to issue a finding.

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Pirelli CEO says company is not currently planning any factory closures

Italian tyremaker Pirelli is not planning to close any of its factories as a response to the crisis of the automotive industry, CEO Andrea Casaluci said at a business conference in Milan. Casaluci said Pirelli had already restructured its operations in 2018-2019, closing one plant in Britain, and was now working on modernising its production facilities especially in Europe and South America.

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Pirelli and Bosch plan joint tyre sensor tech

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US requests probe of alleged labor rights denial at Pirelli facility in Mexico

The United States said on Friday it had asked Mexico to review alleged worker rights violations at tire maker Pirelli's facility in Silao de la Victoria city, the 26th U.S. labor complaint in Mexico under a 2020 trade pact. The request for investigation was made in response to a petition and the U.S. has suspended liquidation of duties on goods from the Pirelli facility, which specializes in converting rubber into car tires, the U.S. Trade Representative's office said in a statement.

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Pirelli shares slip after China's Silk Road Fund reportedly sells stake

Investing.com -- Milan-listed shares in Pirelli (BIT:PIRC) sank on Thursday after China's state-backed Silk Road Fund reportedly sold off its 9% stake in the Italian premium tiremaker and Executive Vice Chairman Marco Tronchetti Provera raised his holding.