French tyre maker Michelin sells its activities in Russia

Variety
26-05-2023 | 05:10
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French tyre maker Michelin sells its activities in Russia
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French tyre maker Michelin sells its activities in Russia

French tyre maker Michelin (MICP.PA) said on Friday it was selling its Russia Tyre Manufacturing Company (MRTMC) and Camso CIS in Russia to Power International Tires, a tyre distributor in the country.

The agreement, approved by local authorities, will keep 250 jobs, mainly based at Michelin's sole Russian plant in Davydovo, the group said.

Michelin said it was impossible for every employee to be transferred to Power International Tires and so those who wished to leave the company would be allowed to do so "under good conditions".

The French company had been present in Russia since 1997 and became the first international tyre company to open its own production plant there in 2004. It announced last year that it was suspending industrial activity in Russia and exports to the country following Moscow's invasion of Ukraine.

Michelin said in April that the termination of its activities in Russia led to a 25% decline in volumes in the first quarter of this year.

Reuters
 

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