ChemChina purchases Italian tire manufacturer Pirelli

Global Business

Pirelli’s shares have nudged up after its latest results showed profits rose nearly nine per cent for 2014. The Italian tire maker released its full results as ChemChina puts the finishing touches on a nearly eight billion dollar buyout bid. The numbers give Chinese investors an idea of what kind of a company they would be getting with the future bright in Asia. CCTV America’s Owen Fairclough filed this report from Washington.

ChemChina purchases Italian tire manufacturer Pirelli

ChemChina purchases Italian tire manufacturer Pirelli

Pirelli’s shares have nudged up after its latest results showed profits rose nearly nine per cent for 2014. The Italian tire maker released its full results as ChemChina puts the finishing touches on a nearly eight billion dollar buyout bid. The numbers give Chinese investors an idea of what kind of a company they would be getting with the future bright in Asia. CCTV America's Owen Fairclough filed this report from Washington.

Highlights:

  • Sales for Pirelli surged almost 20 percent last year. The company aims to increase its production in markets like China and Indonesia, especially boosting motorbike tire volumes.
  • Pirelli is a big company, but it’s dwarfed by the likes of Japan’s Bridgestone and France’s Michelin and Pirelli has suffered in South America. The region makes up a third of its sales, but they plunged by that amount last year amid a broad economic downturn.