According to foreign media reports, French tire manufacturer Michelin announced on May 26th that it will sell its Russian tire manufacturing company (MRTMC) and Camso CIS to Russian tire distributor Power International Tires.
Michelin did not provide details of the sale price. The company spokesperson did not immediately respond to comment.
At present, the agreement has been approved by the local government. Michelin will retain 250 job positions locally, mainly at its only Russian factory located in Davydovo. The Davydovo factory is located near Moscow and has 750 employees. It produces up to 2 million tires annually, mainly used for passenger cars in Russia and some Nordic markets.
Michelin stated that it is impossible to transfer all employees of the factory to Power International, so those who wish to leave the company will be able to leave "under good conditions".
Michelin has been operating in Russia since 1997 and became the first international tire company to establish a production base in Russia in 2004. The company announced last year that due to difficulties in the supply chain after the escalation of the situation in Russia and Ukraine, it will suspend industrial activities in Russia and exports to the country.
Michelin revealed that its Russian sales account for 2% of the group's total sales and 1% of its global automotive tire production. In April of this year, Michelin stated that terminating its business in Russia resulted in a 25% decrease in sales in the first quarter of this year.
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