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. Niu Yishun, chairman of China Qinqin Group, remarked, “Without the favorable policies our province has implemented to boost economic growth, Pirelli from Italy would not have increased its investment. This 2 billion yuan project wouldn’t have started so quickly.” Huaqin Group, a leading private enterprise based in Zhangzhou, has long maintained strong partnerships with global top 500 companies, including the Italian Pirelli Group. In 2005, the two companies collaborated on an advanced truck tire production line, investing nearly 900 million yuan. Their cooperation proved successful, and Pirelli later promised to prioritize Huaqin for future projects in Asia. In 2007, Pirelli honored its commitment by investing 1.2 billion yuan in a world-class car tire project alongside Huaqin. The two parties also agreed to invest an additional 2 billion yuan in a steel cord project, positioning Huaqin as a key supplier for tire raw materials. However, the global financial crisis disrupted plans, and earlier this year, Pirelli decided to scale back investments globally, putting the steel cord project on hold. At that moment, the provincial government introduced new policies aimed at stimulating domestic demand and promoting economic development. After analyzing the situation, Huaqin found this to be the ideal time to proceed. Tax reforms and adjustments in export tax rebates are expected to cut costs by over 240 million yuan, while lower steel prices will further reduce infrastructure expenses. These measures, part of the province’s “New Deal,” created a favorable environment for the project. Catanho, general manager of Pirelli Tire Co., Ltd., said, “These are real benefits that give us confidence in continuing to invest in China. We’ve decided to move forward immediately with this 2 billion yuan project.” The success of the steel cord project has sparked interest from other global players. Goodyear, one of the world’s top 500 companies, was also drawn by the favorable policies and announced an immediate investment of 1 billion yuan to launch a high-grade wire rope project, aiming to build Asia’s largest conveyor belt material base. On the morning of the 20th, construction officially began on both projects. Jiang Cheng, deputy mayor of Jining City and party secretary of Ganzhou City, commented, “Despite the difficult situation, if we respond effectively to good policies, the key issues in economic operations can be resolved.”

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