Aeolus to fully absorb Pirelli industrial tire unit, raise project funds

Jiaozuo, China – Aeolus is to acquire a 90% stake in Pirelli’s industrial tire unit Prometeon Tyre Group, among other industrial tire assets, at €790 million (5.8 billion yuan) estimated total price through share issuance, according to its 13 April filing. The deal is pending regulatory approval.

Upon completion of the deal, Aeolus will become the world’s fourth largest and China’s largest industrial tire maker with 18 million units/year capacity, 18,500 employees and €2.7 billion annual revenue, said the filing. Last year the company posted a…

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