Prometeon s 2020 earnings off slightly on 15% lower sales
Prometeon s 2020 earnings off slightly on 15% lower sales
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MILAN, Italy Prometeon Tyre Group S.r.l (PTG), the former Pirelli commercial tire business, reported a slight drop in pre-tax operating income in fiscal 2020 on 15.2% lower sales.
Operating income (EBITDA) fell to $140.8 million on sales of $1.04 billion. As a result, the operating margin rose nearly a point and a half to 13.6%, the company said.
Net earnings fell 65.4% to $3.07 million.
Prometeon attributed much of the sales decline to an exchange rate effect in Latin America.
Prometeon Tyre CEO Giorgio Bruno noted the 2020 performance marks the completion of a turnaround process launched three years ago. During that time, the firm implemented several strategic initiatives that have made Prometeon healthier, stronger and more resilient in an unprecedented scenario.
Aeolus Tyre entrusted with control over Prometeon
Jane Ho, China correspondent
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JIAOZUO, China China National Tire & Rubber Co (CNRC) has entrusted a 52% ownership stake in Prometeon Tyre Group to Aeolus Tyre Co. Ltd., CNRC said Dec. 1, in an effort to further solve the problem of horizontal competition between Aeolus and Prometeon.
Aeolus owns 10% of the corporate capital of Prometeon, the Milan, Italy-based commercial tire company that was spun out of Pirelli & C. S.p.A. in
April 2017 and controls the Pirelli brand in terms of truck, bus, farm and OTR tires.
CNRC through TP Industrial Holding, a company controlled by CNRC continues to hold 52% of Prometeon’s corporate capital and such ownership is not affected by the envisaged transaction. The remaining 38% is held by High Grade (HK) Investment Management Ltd.