French tire manufacturer Michelin has sold off its assets and business operations in Russia to Power International Tires, officially exiting the market.
Michelin is selling itsto Power International Tires LLC. The tire company announced its exit from the Russian market on Friday.
"After suspending its industrial activities in Russia on March 15, 2022, following the start of the conflict in the Ukraine, Michelin is today announcing the signature of an agreement with Power International Tires LLC for the purchase of its two local companies, Michelin Russia Tyre Manufacturing Company LLC and Camso CIS LLC," Michelin announced in a statement.
Michelin claims the decision to sell to Power International Tires was motivated by a desire to save employees' jobs despite the cease of business. "Approved by the competent local authorities, this agreement will allow for saving 250 jobs, mainly based in Davydovo," Michelin said. "The option to pass the activity on to local management was not possible due to major difficulties preventing these activities from being rendered autonomous."Michelin logo seen at Circuit Ricardo Tormo.
The company added, "Aware of the fact that not all the staff could be taken on by Power International Tires, Michelin allowed those who wished to leave the Company under good conditions to do so."
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