25 Mar 2015

Pirelli sells 140-year heritage to China!

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<b>CHINA IN CONTROL:</b> China National Chemical purchased Pirelli, though the tyremaker will retain current CEO Marco Tronchetti Provera. <i>Image: AP</i>

LONDON, England - China bought Formula 1's official tyre supplier - the 140-year-old Pirelli tyre company.

Forbes reports, state-owned China National Chemical, or Chem China, secured control of the Milan-based company, valued at over R90-billion.

According to Forbes, the deal "will put 140 years of Italian tradition and research and development at the service of the huge Chinese market".

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