Tire manufacturer Michelin said last week that it would sell its Russia Tyre Manufacturing Company and Camso CIS in Russia to Power International Tires.
The financial details were not disclosed.
Under the agreement, some 250 jobs mostly based at the company’s only Russian facility in Davydovo will be preserved.
The facility itself employs 750 people and produces up to 2 million tires annually – mostly for passenger cars for the Russian market and for some Northern European countries.
The French company also said it was not possible for every employee to be transferred to Power International Tires. People who wish to leave will be allowed to do so “under good conditions”, it said.
Michelin has been conducting business in Russia since 1997. It became the first international tire company to establish a production facility of its own on Russian soil in 2004.
The shares of Compagnie Generale des Etablissements Michelin SCA (MICP) were last edging down 0.11% (EUR 0.03) to trade at EUR 27.51 in Paris on Monday, while reversing a gain from the prior session.
The tire maker’s total market cap now stands at EUR 19.66 billion.
The shares of Compagnie Generale des Etablissements Michelin SCA (MICP) went down 27.88% in 2022, compared with a 9.50% loss for the benchmark index, CAC 40 (FCHI).
The company’s shares have risen 5.85% so far this year.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
