Another Tire Company, Announcing Its Withdrawal!
On May 26th, Michelin announced the sale of its Russian factory to local tire dealer Power International.
At the same time, there is also a tire distribution company, and the specific transaction amount has not been disclosed.
Michelin stated that the sale of its Russian business is an important milestone in the company's history.
The company has been operating tire business in Russia for 26 years, with sales and production accounting for approximately 1% and 2% of the total. By the end of 2022, Michelin's asset value in Russia is approximately 250 million euros.
In March 2022, affected by the Russia-Ukraine conflict, Michelin announced the temporary shutdown of Russian factories. During the shutdown period, this tire manufacturer has been insisting on paying wages to factory employees.
It is understood that earlier, Continental Germany also announced the sale of Russian assets. Its tire factory has an annual production capacity of 4 million tires. The transaction amount is approximately RMB 610 million to RMB 880 million.
In March this year, Finland Nokian Tyres sold its Russian factory at a price of about 2.085 billion yuan.
It is reported that in addition to the three companies mentioned above, Bridgestone is also seeking buyers for Russian factories.
