The French tire manufacturer Michelin, one of the leaders in the global market, has closed a deal to sell its Russian assets. In particular, the Michelin tire plant in the Moscow region was sold.
This is stated in the official statement of Michelin. The sold plant specialized in the production of tires, wheels, rubber tracks and undercarriage systems.
The Russian distributor Power International Tires became the new owner of the enterprise. “The option of transferring activities to local government was not possible due to serious difficulties that do not allow this activity to be autonomous,” Michelin noted.
The company noted that leaving Russia “marks an important step in the history of Michelin.” The company has been operating in Russia since 1997. Production in the Russian Federation accounted for 2% of the total production of the group and 1% of the global production of car tires.
The company announced the suspension of production in Russia, exports to this country and plans to exit the market of the aggressor country back in 2022. Initially, Michelin’s assets were supposed to be transferred to local management before the end of this year, but this plan did not materialize.
Other major tire manufacturers Yokohama Rubber, Bridgestone and Continental also suspended the operation of factories in the Russian Federation and deliveries to the country.
As GLOBAL HAPPENINGS reported earlier, the German automotive giant Volkswagen sold its last assets in Russia. Among other things, the company lost its plant in Kaluga.
Source: Obozrevatel
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