Sinochem International Corp

Pirelli's board of directors has approved a multi-year investment plan worth approximately €1bn, or $1.14bn, to expand its tyre manufacturing facility in Rome, Georgia, in the US. The plan passed by majority vote, though three Sinochem-nominated board members, Zhang Haitao, Xi Xiaohong and Wang Kun, voted against it. Implementation will begin in phases from 2027, lifting the plant's annual output capacity to around six million car tyres by 2033, with work unfolding across two stages: an initial phase ramping up robotised manufacturing using the newest version of Pirelli's proprietary modular integrated robotised system, followed by a fully automated conventional facility for premium products that will contribute another three million tyres in annual capacity once fully operational. The upgrade will incorporate Cyber Tyre technology and is projected to generate roughly 1,000 new jobs, and Pirelli said it has secured clearance from the US Bureau of Industry and Security to sell its Cyber Tyre system within the US market following governance changes introduced under Italy's Golden Power Decree. Pirelli said the plan will leave its 2026 targets unaffected, with the capex-to-revenue ratio for 2027-2033 expected to stay broadly consistent with prior periods while maintaining the group's cash generation; the company has operated in Georgia since 2002. In July, Chinese state-owned Sinochem sold a 14% stake in Pirelli to Lumina Crown, an investment vehicle controlled by Czech businessman Michal Strnad, cutting its holding from 34.1% to 20.1%.

Sinochem International released its 2026 interim report, with a net loss attributable to the parent company of 281 million yuan, narrowing by 605 million yuan compared to the same period last year. The company's total operating revenue was 23.533 billion yuan, and net cash inflow from operating activities was 1.868 billion yuan, up 100.15 percent year-on-year. The latest asset-liability ratio stands at 70.29 percent, with a gross margin of 6.90 percent, up 3.21 percentage points from a year earlier.