Yokohama Rubber Co. Ltd. and
China's Aeolus Tyre Co. Ltd. reportedly are in an advanced stage of
talks regarding a deal that would see the former Pirelli & C. S.p.A.
industrial/commercial tire unit Prometeon Tire Group (PTG) split
between the two companies.
The tire makers could make an announcement about the deal as early as
the first quarter of this year, according to two separate sources, who
spoke to European Rubber Journal on conditions of anonymity.
Jiaozuo, China-based Aeolus is part of China National Chemical Corp. (ChemChina), the majority
owner of Pirelli, which licenses the Pirelli brand rights to Prometeon.
With a pair of tire plants in Brazil and
single plants in Egypt and Turkey, Milan-based PTG manufactures and
commercializes Pirelli-branded truck, bus, farm and OTR tires under
license.
According to one of contacts, under the
proposed deal, Aeolus would take over Egypt-based Alexandria Tires,
while Yokohama would acquire the rest of the company's operations,
including a plant in Izmit, Turkey, and the two Brazilian factories.
"Negotiation are in progress with YRC and Aeolus, however the
ownership structure is not finalized," another source close to Prometeon
said.
In September last year, ERJ reported on ongoing talks between Yokohama, Aeolus and Prometeon, citing two separate sources.
At the time, a source close to PTG minority
shareholder Aeolus said negotiations were underway on the subject —
without elaborating.
