London – Yokohama Rubber Co. and China’s Aeolus are reportedly in an advanced stage of talks over a deal which would see the former Pirelli industrial unit Prometeon Tire Group (PTG), split between the two companies.
The tire makers could make an announcement about the deal in the first quarter of this year, according to two separate ERJ sources, who asked to remain anonymous.
With four tire plants across Brazil, Egypt and Turkey, Milan-based PTG manufactures and commercialises Pirelli branded truck, bus, farm and OTR tires under license.
According to one of ERJ contacts, under the proposed deal, Aeolus would take over the Egypt-based Alexandria Tires, while Yokohama would acquire the rest of the company’s operations, including a plant in Izmit and two Brazil-based factories.
“Negotiation are in progress with YRC and Aeolus however the ownership structure is not finalised,” another source close to Prometeon.
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 further.
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