Takeover to boost Pirelli tire sales

Asia Pacific CEO plans to add another 1,500 retail outlets by 2017

China National Chemical Corp's 7.1 billion euro ($7.7 billion) acquisition of a controlling stake in Pirelli will certainly benefit the world's fifth-largest tiremaker's operations in the Chinese market, according to Giuseppe Cattaneo, chief executive of Pirelli Asia Pacific.

"The acquisition was based on Pirelli's already high profitability in the Chinese market over the years. It will allow us to expand our presence in China by diversifying our range of products and being able to work with more local business partners," said Cattaneo.