Pirelli & C. SpA shareholders approved the Italian tyre manufacturer's 2024 annual report and a €250 million dividend distribution on Wednesday, despite opposition from the company's Chinese-controlled majority shareholder.

The Milan-based company's annual general meeting saw 86.27 percent of voting capital represented, with 57.07 percent approving the 2024 results that showed parent company net profit of €302 million and consolidated net profit of €501.1 million.

The sole dissenting voice came from MPI Italy, controlled by Chinese chemical giant Sinochem, which holds a 37.015 percent stake in the premium tyre manufacturer. MPI Italy's opposition accounted for 42.90 percent of the capital represented at the meeting.

Shareholders unanimously approved a dividend of €0.25 per ordinary share, totalling €250 million before withholding taxes. The dividend will be paid on 26 June 2025, with shares trading ex-dividend from 23 June and a record date of 24 June.

The meeting, held at Studio Marchetti in Milan with participation exclusively through an appointed representative, also approved several governance measures. The 2025 remuneration policy received backing from 80.09 percent of represented capital, whilst 78.67 percent supported the report on compensation paid in 2024.

Shareholders also endorsed a new three-year monetary incentive plan for 2025-2027 covering Pirelli Group management, with 79.97 percent of represented capital voting in favour.

The approval comes as Pirelli continues to navigate the complexities of Chinese ownership whilst maintaining its position as a premium tyre supplier to luxury automotive manufacturers. Sinochem acquired control of Pirelli in 2015 through a €7.1 billion takeover.

The company's financial performance reflects strong demand for high-performance tyres, particularly in the luxury and motorsport segments where Pirelli maintains significant market presence.

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Ecolomondo Corporation, a Canadian developer of advanced recycling technology for scrap tyres, has announced a significant milestone with the continued commercial shipment of its recovered carbon black (rCB). The company has successfully shipped a fourth truckload of rCB from its Hawkesbury Thermal Decomposition Process (TDP) facility and is preparing to dispatch a fifth, following a new purchase order from a major off-take partner.

This commercial activity follows the recent installation and commissioning of new milling equipment and a dedicated processing line for recovered carbon black at the Hawkesbury plant. After an initial quality validation and a first purchase order received on 16 July 2025, the company has now fulfilled four orders with a fifth imminent.

In a further endorsement of product quality, a second major off-take customer, based in the United States, has formally approved Ecolomondo’s rCB for use in its manufacturing processes. This approval is anticipated to lead to substantial bulk purchase orders in the near future.

The company views these successive orders and the new quality approval as strong validations of the operational performance and output quality of its Hawkesbury TDP facility. When the plant reaches full operational capacity, it is projected to recycle roughly one million scrap tyres from cars, SUVs and trucks annually. This operation will yield an estimated 4,000 metric tonnes of recovered carbon black, 5,000 metric tonnes of pyrolysis oil, 2,000 metric tonnes of steel and 1,200 metric tonnes of process gas, contributing to a more circular economy.

Interim CEO JF Labbé said, “Off-take customers are steadily adopting the rCB on a global scale and are now integrating it into their regular production to produce new sustainable products. It is satisfying to see that scrap tyres are being processed to produce re-usable end-products to manufacture other consumable products.”

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Kuwait is launching a comprehensive initiative to convert its stockpiles of waste tyres from an environmental concern into a driver of economic growth. As reported by the Arab Times Kuwait, the nation is moving millions of used and damaged tyres from vast dumpsites, like the one in Rahiya, to specialised recycling plants. This strategic shift aims to mitigate ecological hazards while simultaneously generating new investment prospects and job opportunities.

While three recycling facilities are currently operational, officials acknowledge that the annual output of nearly two million waste tyres necessitates a significant expansion of capacity. To address this, plans are actively progressing to establish new factories in Salmi. This increased infrastructure is intended to ensure all locally generated tyres are processed and transformed into valuable commodities.

The government sees substantial economic potential in this sector, citing international success stories where tyre recycling generates billions in annual revenue. For Kuwait to achieve similar results, officials emphasise the need to strengthen regulatory frameworks and encourage continued investment. The repurposed materials are anticipated to supply several local industries, finding applications in road construction, athletic flooring, insulation and fuel production.

This priority was recently underscored in a high-level meeting chaired by Prime Minister Sheikh Ahmad Al-Abdullah Al-Sabah. The discussions focused on accelerating recycling projects, underscoring the dual objective of safeguarding the environment and cultivating new financial resources for the state.

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In a concerted effort to build a more cohesive and vibrant organisational culture, HS HYOSUNG is significantly broadening its range of value-sharing initiatives for its workforce and their families. Central to this mission is the ‘Culture Together’ series, an internal cultural project established in 2024 on the suggestion of Vice Chairman H S Cho. This programme is designed to provide shared cultural experiences that enhance communication and unity across the company.

A key component of the '2025 Culture Together' series involved securing tickets for over 100 domestic and international employees to attend Psy’s Summer Swag concerts. To ensure accessibility for staff based in various locations, the company arranged for performances across six different cities, including Incheon, Gwacheon, Uijeongbu, Suwon, Gwangju and Busan. This follows earlier global cultural events organised this year, such as company outings to the Coldplay concert in Seoul and the Disney 100th Anniversary Exhibition.

Beyond music, HS HYOSUNG has also engaged employees through cinema and sports. A private screening of the hit film F1: The Movie was held for more than 200 staff members, offering a story of teamwork that resonated with the company’s own values. The company’s support for athletic events included inviting employees and their families to high-profile football matches, such as FC Barcelona’s friendly game in Korea and an upcoming FC Seoul match, where employees' children will participate as official escort kids.

These ongoing efforts, operating under the slogan ‘Value Together’, are a fundamental part of HS HYOSUNG’s strategy to foster empathy and strengthen bonds among its employees. The company has committed to continuing this path by developing ever more diverse and relatable programmes aimed at nurturing a warm and dynamic corporate culture.

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Celebrating a remarkable 30-year alliance, FC Internazionale Milano and Pirelli have reaffirmed one of the most enduring partnerships in global football. This significant milestone underscores a relationship built on shared values of excellence, tradition and a profound passion for sport.

To commemorate this occasion, a special-edition PIRELLI cap has been released. Limited to just 1,995 units – a direct nod to the year the partnership began – this collector’s item merges the iconic symbols of both brands. The cap features the Pirelli logo prominently on the front, accompanied by the Inter crest on the side. A distinctive Biscione motif extends elegantly across the design, seamlessly uniting the identities of both institutions. The number 30 is also featured, highlighting the three decades of continuous collaboration.

This exclusive accessory is now available for purchase online and at Inter Stores Milano, including the Castello and San Siro locations. More than just merchandise, the cap serves as a tangible symbol of a deep and historic bond between two legendary names.

The celebratory product will also be prominently featured during a symbolic sporting weekend. It will be showcased both at the Netherlands Grand Prix and during Inter’s Serie A match against Udinese on 30-31 August, linking two major events that reflect the partnership’s dual commitment to elite football and high-performance motorsport.

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