Italian tyre maker Pirelli announced that Chinese state chemical giant Sinochem’s control over the company has ended.
The board majority approved the end of Sinochem's control, with 9 out of 15 directors voting in favour, citing international accounting standards. Chairman Jiao Jian and four other Chinese directors cast the five dissenting votes, while another director abstained.
“The decision regarding the absence of control of the shareholder Sinochem represents a first, but not decisive, step on the path to the necessary adjustment of company governance to regulatory constraints in the USA," the company said in a statement.
Pirelli, a key player in the high-value tyre segment, noted that the USA is crucial for developing and distributing its Cyber Tyre technology.
The company also declared its financial results for 2024. Pirelli's 2024 consolidated net profit rose 1% to €501.1 million, compared with €495.9 million in 2023. Revenue increased by 1.9% to €6,773.3 million.
The company's adjusted EBIT margin improved to 15.7 percent of sales from 15.1 percent in 2023, while the EBITDA adjusted margin rose to 22.4 percent from 21.7 percent.
Pirelli confirmed its 2025 targets despite a "high level of uncertainty surrounding US tariffs" and said it has defined a mitigation plan should the announced measures come into effect.
The company's net financial debt position decreased to €1,925.8 million at the end of 2024, down from €2,261.7 million a year earlier
Eurogrip Accelerates International Push With Dual Motor Show Presence
- By TT News
- November 24, 2025
Eurogrip Tyres, a leading tyre brand from TVS Srichakra Ltd., is aggressively pursuing international growth, as evidenced by its recent participation in two major motor shows. The brand showcased its premium portfolio at the Expo Moto International Trade Show in Mexico City and the Colombo Motor Show in Sri Lanka, signalling a strategic push into the promising Latin American and South Asian markets.
These events provided a dynamic platform for the company to present its advanced research and technological capabilities directly to a global audience of customers, dealers and distributors. In Mexico, the display featured a comprehensive array of two-wheeler tyres, including popular patterns like the Roadhound and Trailhound STR. Simultaneously, at the Colombo show, the spotlight was on the high-performance Protorq Extreme radial tyre, complemented by other world-class products such as the Terrabite DB+ and Bee Sport, reinforcing the brand's diverse and innovative offerings.
T K Ravi, Chief Operating Officer, TVS Srichakra Ltd., said, “As we continue to build Eurogrip as a leading global 2-wheeler tyre specialist, we remain committed to earning customer trust through products that deliver performance, reliability and value. Mexico and Sri Lanka are key markets for us that help strengthen our brand presence in Latin American and South Asian markets. These international events enable us to strengthen our engagement with customers and partners – we get to give them a first-hand experience of our products and showcase the world-class research and development that goes into the making of each product.”
Michelin Channels $771,000 to Community Groups Through Annual Golf Event
- By TT News
- November 24, 2025
Michelin North America, Inc. has channelled the proceeds from its latest annual charity golf tournament, a total of USD 771,000, to 10 community organizations across the United States and Canada. This year’s event was particularly notable for including the company’s first-ever Canadian charitable partner. Since the tournament's establishment in 1989, it has collectively raised over USD 10 million, reflecting Michelin’s enduring commitment to creating a tangible and positive impact in the communities where its employees live and work.
The range of beneficiaries highlights a focus on critical community needs, from child welfare and education to veteran support and cultural enrichment. In Canada, the Breakfast Club of Canada will use the funds to address child hunger by ensuring children have access to a nutritious morning meal, which is essential for their concentration, energy and overall capacity to learn. Meanwhile, in South Carolina, several organisations will benefit. The Champions Center for Special Children offers a therapeutic and educational environment for children with disabilities and complex medical needs. The Greenville Symphony Association continues its long-standing mission to enrich the community through live orchestral performances and educational programmes. Support also extends to the SC School for the Deaf and the Blind Foundation, which provides students with essential supplies and adaptive equipment, and Upstate Warrior Solution, which offers comprehensive services to veterans and first responders with the goal of ending unemployment, homelessness, and suicide.
Further afield, the funding will empower organisations dedicated to advocacy and care. In Emporia, Kansas, SOS, Inc. provides crucial support for victims of sexual and domestic violence, child abuse and human trafficking, offering shelter, resources and community education. Similarly, in Ardmore, Oklahoma, Sara’s Project operates as a children’s advocacy centre, delivering forensic interviews, victim advocacy and crisis education for families affected by trauma and abuse. In Norwood, North Carolina, Tillery Compassionate Care provides hospice and supportive care, aiming to bring hope and peace to nearly 7,600 seriously ill residents it has served since its founding.
The national scope of Michelin's philanthropy is further demonstrated by its support for Junior Achievement of Kentuckiana, which has empowered over 1.5 million youth with financial literacy and career skills, and the Best Defense Foundation. This latter organisation is dedicated to honouring military veterans by providing healing experiences and fostering connection, operating on the powerful principle of taking care of those who served the nation. Through this diverse and strategic charitable investment, Michelin continues to foster stronger, more resilient communities across North America.
Matt Feller, Director of Community Relations at Michelin North America, Inc, said, “Thanks to the generosity and support of our employees, partners and suppliers, this event continues to make an impact. Michelin is committed to being a responsible corporate citizen through philanthropic initiatives and active engagement in local communities. We foster local development and strengthen connections in the communities where our employees live, work and serve. We are proud to welcome Breakfast Club of Canada as our first Canadian beneficiary, alongside nine other organisations serving communities in Upstate, South Carolina; Emporia, Kansas; Ardmore, Oklahoma; Norwood, North Carolina; Louisville, Kentucky; and Solana Beach, California.”
Nokian Tyres Finalises Finnish Restructuring With Fewer Layoffs Than Feared
- By TT News
- November 24, 2025
Nokian Tyres has finalised a significant organisational restructuring in Finland, resulting in workforce reductions designed to enhance its financial performance and operational efficiency. The company will eliminate 35 permanent white-collar roles and will also reassign job responsibilities as part of this change. This outcome is less severe than initially projected, as the company had originally estimated up to 55 permanent layoffs. These measures are scheduled to be fully implemented by the end of 2025.
Furthermore, the plan includes temporary layoffs for approximately 650 production employees, both blue-collar and white-collar, at its passenger car and heavy tyre facilities in Nokia. These temporary furloughs, which will be enacted by the end of 2026, will not exceed 90 days for any individual worker. This initiative, first announced in October 2025, is part of a broader global strategy. While the Finnish negotiations are complete, the company continues to undertake similar processes in its other international operations in compliance with local regulations.
Kenda Tires Shines At 2025 Formula Drift Tire Cup
- By TT News
- November 24, 2025
The 2025 Formula DRIFT season served as a powerful demonstration of Kenda Tires' rising status in professional drifting, culminating in a second-place finish in the Tire Cup standings. By amassing 429 points and outperforming several established competitors, Kenda solidified its reputation for delivering consistent, high-calibre performance under extreme pressure. This collective achievement was driven by the standout performances of its team of drivers, who validated the company's technical innovation across eight challenging events.
Fredric Aasbø led the charge with a remarkable third-place finish in the PRO Championship, a campaign highlighted by a victory at the season opener in Long Beach. His success, along with Jhonnattan Castro’s career-best seventh-place result and the steady technical prowess of Ryan Tuerck, provided the essential points that secured Kenda’s strong position in the Tire Cup. Their collective performances were a live proving ground for the Kenda VEZDA UHP MAX+ tyre, a product engineered to endure the severe demands of competitive drifting, including intense heat cycles and extreme lateral forces.
This motorsport success is intrinsically linked to Kenda’s core Podium2Pavement philosophy, a principle that ensures every lesson from the track directly informs the development of their consumer tyre lines. The technology and resilience demonstrated by their professional drivers are systematically translated into enhanced performance and durability for everyday ultra-high-performance and passenger tyres. Building on this successful 2025 campaign, Kenda is now focused on the future, aiming to further advance its tire technology, strengthen its driver partnerships and mount a determined challenge for the 2026 Tire Cup championship.
Brandon Stotsenburg, Vice President – Automotive, Kenda USA, said, “Finishing second among all tyre manufacturers in Formula DRIFT validates the strength of our product and our people. Our teams, engineers and drivers have worked tirelessly to refine performance under the toughest motorsport conditions. Kenda, uniquely provided (6) six different sizes for our Formula Drift teams that allowed them to adapt the tire to the car’s performance which was outstanding in both wet and dry conditions. The results show that Kenda can compete head-to-head with the biggest brands in the world – and deliver proven results on and off the track.”
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