ChemChina, never tired of the Pirelli tyre

China National Chemical Corporation, commonly known as ChemChina, is a Chinese state-owned company that manufactures agrochemicals products, rubber products, chemical materials and specialty chemicals, industrial equipment, and petrochemical processing.

ChemChina began as a small solvents factory called Bluestar Company founded by Ren Jianxin in 1984 and became an empire by taking control of more than 100 troubled state-owned chemical factories throughout China, but remaining a state-owned company.

ChemChina has a huge portfolio of companies, including Sanonda Holdings, Cangzhou Dahua, Shandong Dacheng, Jiangsu Anpon, Anhui Petrochimie and Huaihe Chemicals, Makhteshim Agan, in Israel (renamed ADAMA Agricultural Solutions – the largest producer of generic pesticides), Adisseo Group in France, and acquired Pirelli company in 2015, for € 7.1 billion. But the biggest acquisition was made in 2016 when, for $ 43 billion, it acquired the Syngenta Swiss pesticides and seeds group, being the largest foreign acquisition by a Chinese company. The acquisition was slowed down due to food security issues raised by the European Commission, as well as due to the European antitrust investigations. But in 2017, the European Commissioner for Competition and the US Federal Trade Commission approved the merger, provided that ChemChina gave up production of some products.
In Romania, China National Chemical Corporation owns the tyre factory in Slatina, after taking over the Pirelli company. The Pirelli Group started its activity in Romania in 2004 by opening a factory in Slatina.

The Pirelli plant in Slatina. Source: forbes.ro

The total investment is of € 450 million. In 2015, Pirelli’s majority shareholder became Marco Polo International Italy – an intermediary company of the state-owned company ChemChina (China National Chemical Company). In Romania, Pirelli owns a car tyre factory and a steel cord factory in Slatina, and also a factory manufacturing filters for diesel engines in Bumbesti Jiu, in Gorj County.

 

Read more about the Chinese companies in:

Ukraine

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Bulgaria