French tire maker Michelin announced on Friday that it sold its activities in Russia to local company Power International Tires LLC.
Michelin explained in a statement that it signed “an agreement with Power International Tires LLC for the purchase of its two local subsidiaries, Michelin Russia Tire Manufacturing Company (MRTMC) LLC and Camso CIS LLC”.
Power International is one of the main tire distributors in Russia and is present throughout the country, the group noted.
This purchase “will allow to preserve 250 jobs, mainly in Davidovo”, near Moscow, the French company said.
Michelins had 1,000 employees in Russia, of whom 750 worked in Davidovo.
The French company, which had been present in Russia since 1997, suspended its activities in the country after the start of the war in Ukraine.
Source: AFP
Source: Gestion
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