Pirelli, Goodyear Tire Raw Materials Project in China started on the same day

On the morning of February 20th, a major project worth 2 billion yuan and capable of producing 100,000 tons of steel cord annually officially broke ground at Huaqin Rubber Industry Group. “Without the favorable policies our province has implemented to boost economic growth, Pirelli from Italy would not have increased its investment. This project wouldn’t have started so quickly,” said Niu Yishun, chairman of China Qinqin Group. Huaqin Group, a leading private enterprise based in Zhangzhou, has long maintained a strong partnership with global top 500 companies, including the Italian Pirelli Group. In 2005, the two companies formed a joint venture, investing nearly 900 million yuan to establish one of the most advanced truck tire production lines in the world. Their collaboration proved mutually beneficial, and Pirelli’s senior executives expressed their preference for working with Huaqin in future projects. In 2007, Pirelli followed through on its promise, investing another 1.2 billion yuan in a high-end car tire project. The two parties also agreed to invest an additional 2 billion yuan in a steel cord initiative, making Huaqin the key supplier of raw materials for tires. However, the global financial crisis disrupted plans. Earlier this year, due to declining market demand, Pirelli decided to scale back investments worldwide, putting the steel cord project on hold. At that moment, our province introduced a series of measures aimed at boosting domestic demand and driving development. After reviewing the financials, Huaqin realized this was the perfect time to move forward. The value-added tax reform and adjustments to export tax rebates could cut costs by over 240 million yuan, while lower steel prices would reduce infrastructure expenses by 20%. The provincial government's "New Deal" created an ideal environment for the new project. Cataneo, general manager of Pirelli Tire Co., Ltd. from Italy, stated, “These are real benefits that give us confidence in investing in China and have led us to immediately launch this 2 billion yuan project.” The news sparked a wave of interest. Goodyear, another top 500 company from the U.S., was also drawn by the favorable policies and decided to collaborate with Huaqin again. It announced an immediate investment of 1 billion yuan to build Asia’s largest conveyor belt raw material production base. On the morning of the 20th, construction began on both projects. “Although the economic situation is challenging, as long as we respond effectively to good policies, the key issues in economic operations can be resolved,” said Jiang Cheng, deputy mayor of Jining City and party secretary of Ganzhou City.

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