China National Chemical Corporation (ChemChina) will take over ownership of Pirelli by buying into Formula One’s official tyre supplier in a 7.1 billion Euro deal.
The Chinese state-owned firm will acquire 26.2% of the world’s fifth-largest tyre maker by purchasing the Italian holding company Camfin that currently owns the stake.
"The partnership with a global player like ChemChina, through its affiliates, represents a great opportunity for Pirelli," said Pirelli chairman and chief executive Marco Tronchetti Provera, who has been in charge for over 20 years.
"CNRC's approach to business and strategic vision guarantee Pirelli's development and stability."
Pirelli has been Formula One’s sole tyre supplier since Japanese manufacturer Bridgestone withdrew from the sport at the end of the 2010 season, with the Milan-based company having a contract through 2016.
The ChemChina/Pirelli deal comes at the time when the FIA is expected to start conducting a new tender process for the exclusive tyre supply in F1 from 2017 onwards.
Click here for the full gallery of the 2015 F1 drivers helmets
Keep up to date with all the F1 news via Facebook and Twitter
Few names in Formula 1 carry the same weight as Lewis Hamilton. Seven world titles.…
One-time Grand Prix winner Jean-Pierre Beltoise was born on this day in 1937. The late…
Jos Verstappen’s efforts in this weekend’s Rallye de Wallonie took a dramatic turn on Sunday…
Three races into the 2026 season, and Kimi Antonelli and George Russell find themselves in…
In Formula 1, whispers often travel faster than the cars themselves. And lately, one name…
During his 2025 rookie season in F1, Isack Hadjar carried himself with a calm, almost…