Russia: Michelin in talks with local company for purchase of its factory in Moscow region
Michelin says now in talks with local player for purchase of its Russian assets, 9 March 2023
French tyre maker Michelin has shelved plans to sell its Russian business to its local management and is now in discussions with a local player, a company spokesperson said on Thursday, adding Michelin hoped to reach an agreement "soon"...
"We are now discussing a purchase by a local player...We dropped the idea of a purchase by local management because this was too complex," the spokesperson said without naming the potential buyer...
Russian daily Kommersant reported...that Michelin's factory in the Moscow region with production capacity of 1.5 million-2 million tyres a year will be sold to Power International-shiny, a Russian tyre distributor, in a deal which is now close to completion.