Michelin sold the plant in Russia
The Michelin plant has been operating in Russia since 2004. The capacity of the site was 1.5-2 million tires per year.
French tire maker Michelin said it is selling its Russian tire manufacturing company (MRTMC) and Camso CIS in Russia to tire distributor in the country Power International Tires. It is reported by Reuters.
The agreement will save 250 jobs at Michelin’s only Russian plant in Davydovo, Moscow Region.
Michelin said that transferring every employee to Power International Tires is not possible, so those wishing to leave the company will be allowed to do so “on good terms.”
The French company has been present in Russia since 1997 and became the first international tire company to open its own production there in 2004. It announced last year that it was halting production activities in Russia and exports to the country following Russia’s invasion of Ukraine.
Michelin said in April that the termination of its operations in Russia resulted in a 25% decline in volumes in the first quarter of this year.
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