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French Tyre Maker Michelin Exits Russia, Sells Plant That Produces 2 Million Tyres Per Year
French Tyre Maker Michelin sells its two local companies to local tyre distributor, Power International Tires.
Michelin suspended its industrial activities in Russia in March 2022, following the start of conflict in the Ukraine.
At its Russian plant, Michelin produces 2 million tyres per year for passenger cars in Russia and some Northern European markets.
Michelin is the second largest tyre manufacturer in the world behind Bridgestone.
French Tyre Maker, Michelin, on Friday announced it has inked an agreement with Power International Tires for the purchase of its two local companies, Michelin Russia Tyre Manufacturing Company and Camso CIS.
Michelin said its agreement with Power International Tires, one of the main tyre distributors in Russia tyre distributor, will keep 250 jobs, mainly based at Michelin’s sole Russian plant in Davydovo.
The sale of Michelin’s activities in Russia, approved by the competent local authorities, “marks a major step in the Michelin’s history, the Group having been present in this country since 1997”, the Group said.
Following the start of the conflict in the Ukraine, Michelin had on March 15, 2022 suspended its industrial activities in Russia, where it produces up to 2 million tyres per year for passenger cars in Russia and some Northern European markets.
Michelin said it is aware of the fact that not all the staff could be taken on by Power International Tires, and so allowed those who wished to leave the Company under good conditions to do so.
Michelin is the second largest tyre manufacturer in the world behind Bridgestone. In April, Michelin said that the termination of its activities in Russia led to a 25% decline in volumes in the first quarter of this year.
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