Pirelli and Huaqin Rubber Industry Group will sign an agreement in the next few days to establish a joint venture company，which will operate a new consumer market tire factory in China through its subsidiary---Jining Shenzhou Tire Co., Ltd.　　
　　Under the agreement, Pirelli will pay about 65 million euros for 49% stake of the new plant, operate and manage the plant, and have the right to increase its stake to 70% between January 1, 2021 and December 2025.
　　In the future, a R&D center applying the latest innovative technologies will be located in Yanzhou Huaqin Industrial Park, adjacent to Pirelli 's Chinese factory. Currently, Yanzhou factory is one of the most advanced plants of Pirelli in the world, focusing on the production of high performance tires.