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French tire manufacturer Michelin is selling its plant in Russia

Photo: skysports.com

The Michelin plant has been operating in Russia since 2004. The site’s capacity is 1.5-2 million tires per year.

French tire maker Michelin said it is selling Russian tire manufacturing company (MRTMC) and Camso CIS in Russia to the country’s tire distributor Power International Tires. This was reported by Reuters.

The deal will save 250 jobs at Michelin’s only Russian plant in Davydovo, Moscow Region.

Michelin said that the transfer of every employee at Power International Tires is not possible, so those who wish 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. Last year it announced that it was ceasing 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% drop in volumes in the first quarter of this year.

Earlier it was reported that the German manufacturer of tires and auto parts Continental sold the plant near Kaluga and left the Russian market. German automobile concern Volkswagen Group has announced the completion of the sale of its Russian business shares to a local investor.

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Source: korrespondent

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