Michelin sells tire business in Russia 14:00

Michelin, a tire manufacturer in Davydov, near Moscow, sold its Russian enterprise, says A statement from the French manufacturer.

The buyer of Russian assets was Power International Tires (Power International Tires LLC). The distributor takes over the tire factory and Camso CIS (Camso CIS LLC), which specializes in the sale of tires and tracks for special equipment.

“The option to devolve activities to local government was not possible due to the serious difficulties in making this activity autonomous,” the company said in a statement.

The amount of the transaction was not disclosed. The agreement provides for the protection of 250 jobs. In the statement, it was stated that all expenses (tens of millions of euros) related to the withdrawal of the company from Russia were taken into account in 2022.

Michelin has been operating on the Russian market since 1997. The production capacity of the factory in the Moscow region is up to 2 million tires for passenger cars per year. Russia accounts for 2% of the global French company and 1% of total passenger car tire production.

Source: Gazeta


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