Pirelli's US business hindered by Sinochem's stake, says Tronchetti Provera

  • Facebook.
  • Twitter.
  • LinkedIn.
  • Print

ROME, April 8 (Reuters) - Pirelli is having difficulties investing in the United States because its largest shareholder is China's state-owned Sinochem, the Italian tyremaker's executive vice chairman Marco Tronchetti Provera said in a newspaper interview on Tuesday.

Pirelli's Chinese and Italian shareholders are at odds over the group's governance as Washington cracks down on Chinese technology in the automotive industry, banning key software and hardware from Chinese-controlled companies.

Tronchetti Provera told Italian daily la Repubblica that Sinochem's 37% stake had proved a hurdle when Pirelli had negotiated with local authorities over doing business in the states of Alabama and Virginia.

"Now we are negotiating with Georgia, where we already have a factory, and once again objections are being raised," said Tronchetti Provera, who was Pirelli's CEO for 30 years up to 2022.

Tronchetti Provera said he was confident an agreement would be reached with Sinochem to overcome the U.S. concerns.

"We will find a way, in the interests of Pirelli, to comply with American laws," he said.

"It is too important a market for us not to be able to play on a level playing field with our competitors." (Reporting by Gavin Jones; Editing by David Goodman and Jamie Freed)

(c) Reuters 2025. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

  • Facebook.
  • Twitter.
  • LinkedIn.
  • Print
close
Please enter a valid e-mail address
Please enter a valid e-mail address
Important legal information about the e-mail you will be sending. By using this service, you agree to input your real e-mail address and only send it to people you know. It is a violation of law in some jurisdictions to falsely identify yourself in an e-mail. All information you provide will be used by Fidelity solely for the purpose of sending the e-mail on your behalf.The subject line of the e-mail you send will be "Fidelity.com: "

Your e-mail has been sent.
close

Your e-mail has been sent.