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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JK Tyre & Industries has approved a phased capacity expansion plan involving an investment of INR 49.8 bllion to strengthen its presence in the Truck and Bus Radial (TBR) and Passenger Car Radial (PCR) tyre segments.

The company said its board of directors, at a meeting held on May 26, approved the expansion of TBR production at its Chennai Tyre Plant (CTP) and Vikrant Tyre Plant (VTP), along with PCR capacity expansion at the Chennai facility.

JK Tyre currently has an installed TBR and PCR capacity of 21 million tyres per annum, including capacities under implementation, with utilisation levels running at over 90 percent. The proposed expansion will increase overall capacity by 24 percent and is scheduled to be completed by FY30.

The investment will be undertaken in phases and financed through a combination of internal accruals and debt, the company said in its regulatory filing.

According to JK Tyre, the expansion is driven by robust demand across tyre categories in the Indian market and the need to maintain and strengthen its market presence.

The announcement comes alongside the company’s strong FY26 performance, with JK Tyre reporting record revenues and profitability amid rising domestic demand and higher sales volumes.

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Continental has introduced an addition to its retread product family with the launch of the ContiTread HDR 5, a regional retread designed to support fleet operations through enhanced durability and dependable performance. The new retread focuses on delivering confident handling, reliable traction and an extended service life for vehicles operating on regional routes.

The ContiTread HDR 5 employs a five‑rib tread pattern intended to provide predictable control, stability and even wear, particularly on routes involving frequent stops, sharp turns and mixed road surfaces. Its open shoulder design improves grip across various weather and road conditions, ensuring real‑world reliability while preserving both durability and overall mileage.

Developed to balance toughness with performance, the retread helps fleets maximise value from each retread cycle. Available widths include 210, 220, 230 and 240, all featuring a tread depth of 26/32 inch, offering flexible fitment for a range of regional truck applications.

Shaun Uys, VP of Sales and Marketing, Truck Tire RE USA, said, “Regional fleets need tyres that perform consistently across a wide range of conditions. The ContiTread HDR 5 was engineered to provide predictable handling, dependable traction and the durability fleets rely on to keep vehicles moving and costs under control.”

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Michelin’s Center for Sustainable Materials, located at the Michelin Innovation Park – Cataroux in Clermont-Ferrand, has entered into a strategic partnership with Syntetica, a leading European deeptech startup. The collaboration aims to fast-track the industrial deployment of an innovative nylon recycling process, reinforcing the circular economy.

Under the agreement, Syntetica will integrate its proprietary chemical recycling method into a secure, purpose-built industrial environment at the Center. This marks the first time that nylon-rich mixed textiles can be recycled on an industrial scale. The initiative combines more than 130 years of Michelin’s material science leadership with Syntetica’s advanced low-temperature chemical process.

The global textile industry recycles less than one percent of its waste, largely because most technical garments contain mixed synthetic fibres that defy conventional recycling methods. Syntetica’s technology directly processes such materials without prior sorting, yielding high-purity Nylon 6 and Nylon 6.6 suitable for textile, automotive and industrial uses. The pilot at the Center will initially recycle several tonnes of textile waste, with a planned scale-up towards industrial volumes by 2027.

Both organisations share the belief that industry must drive the transition to sustainability. The project aligns with Europe’s regulatory push, including mandatory textile separation from 2025 and stricter recycled content rules from 2027. Beyond nylon, the pilot represents the first step in Syntetica’s broader green chemistry platform, which aims to expand to other polymers and pioneer a new generation of circular industrial solutions.

Marco Bertone Co-Founder & CEO, Syntetica, said, “Installing our pilot at the Center for Sustainable Materials marks a decisive milestone for Syntetica. The industrial expertise and operational rigour made available by Michelin are a key lever to scale our technology to full industrialisation.”

Patrice Kéfalas Director, Center des Matériaux Durables, said, “The Center for Sustainable Materials was designed to support this kind of breakthrough technology towards industrial scale. The collaboration with Syntetica illustrates our ambition to put Michelin’s industrial experience in service of concrete solutions to accelerate materials circularity.”

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Scandinavian Enviro Systems AB (publ) has taken a significant step forward in its Nordic expansion by submitting an environmental permit application for its first wholly owned, full-scale pyrolysis plant in the region. The company has also secured an exclusive option to purchase the property where the facility is intended to be located.

Designed to process over 70,000 tonnes of end-of-life tyres annually, the proposed plant represents a core pillar of Enviro’s long-term strategy focused on wholly owned facilities. The permit submission and property option mark continued execution of the company’s industrial scale-up, supported by constructive dialogue with relevant authorities and stakeholders. Preliminary feedback from regulators could arrive before the end of the second quarter of 2026.

While the property option allows Enviro to reserve the site ahead of a final investment decision, the planned establishment remains conditional on receiving the necessary environmental approvals, a final investment decision and other standard project requirements.

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