ChemChina's bold maneuver pushes Pirelli up the rankings

Iconic Italian tire maker Pirelli is making big inroads into China thanks to its acquisition by Chinese conglomerate ChemChina last year in a 7.1 billion euro ($7.7 billion) deal.

Together with Aeolus Tyre Co Ltd, a subsidiary of ChemChina specializing in industrial tires, Pirelli is developing more advanced technology and increasing its scale of production.

"We want to develop technology with Aeolus that will create great savings for industrial fleets and have a better environmental impact," said Marco Tronchetti Provera, chairman and CEO of Pirelli.