Recently, an announcement by Fengshen Tire Co., Ltd. confirmed that China National Chemical Corporation (hereinafter referred to as China National Chemicals) has approved the acquisition of shares held by the largest shareholder of Pirelli, Camfin, and the transaction will be completed on August 11, 2015. . Industry insiders said that the completion of the transaction, the two sides will be a powerful combination of strengths.
Since 2014, under the circumstances that the downward pressure on the economy has continued to increase, the demand for the domestic tire market has continued to be sluggish. In addition, exports have been severely affected by the US “double reverse†case, and the production and prices of Chinese tires have both declined.
According to the statistics of the National Bureau of Statistics, from January to June 2015, China's tire production was 455 million, a year-on-year decrease of 3.9%. The main indexes of the Tire from January to May released by the China Rubber Industry Association Tire Branch show that from January to May this year, 44 companies of the China Rubber Association tires branch completed the current tire production value of 71.269 billion yuan, a year-on-year decrease of 14.33%; and the sales revenue of tires was 649.61 Billion yuan, a year-on-year decrease of 13.88%.
As the top three enterprises in the domestic industrial tire industry, China Chemical Industry is also affected by the sluggish industry. The company’s 2014 annual report shows that China Chemical’s annual operating income on tire rubber products was 11.68 billion yuan, a year-on-year decrease of 8.17%, but net profit was negative 133 million yuan, a decrease of 812 million yuan from last year.
“Under the current circumstances, the pressure of overcapacity in the industry is mainly concentrated on many small tire factories that do not have brand advantages. Pirelli and China Chemical have certain brand and production advantages. The cooperation between them is more on tires and tires. The expansion and complementarity of industrial fetals will not be hampered by the overall industry in the long run, said Feng Jian.
The cooperation between China Chemicals and Pirelli will not only complement each other's business, but will also benefit China's chemical tire exports. Feng Yu said: "China's tire industry is mainly targeted at low-end tires, the main advantage of price. In recent years, Europe and the United States continue to raise the tire industry import thresholds and regulatory restrictions, but also with China's ongoing trade friction. China's chemical purchase Pirelli, not only It will enable the two parties to complement each other in the use of tires and industrial tires, and will also benefit China Chemical's export business."
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