As expected, Power International Tires LLC, a French brand distributor, acted as a buyer.
It was Michelin that turned out to be the first foreign global tire manufacturer to start producing products under its own brand in Russia: the French company's enterprise, located in the Moscow region (Davydovo), was opened almost 20 years ago, in 2004. This site has the capacity to produce up to 2 million tires per year, the priority is tires for cars (both summer and winter). The main volume of localized products was sent to the Russian market, but some was intended for export.
The Russian Michelin plant was sent to idle in mid-March 2022, and at the end of June, the management of the French company announced that it intended to get rid of the local business (it was assumed that the representative office in the Russian Federation would begin to exist as an independent structure). At the same time, the head of the Russian office, Dmitry Molokanov, noted that there were plans to restart the plant in Davydovo: it was supposed to start production of tires of other brands here. However, in the end, the French tire manufacturer did not succeed in realizing this scenario
Now the head office has officially announced that they have sold all their Russian assets to Power International Tires. Recall that this is a long-term partner of the French tire manufacturer and a distributor of Michelin products, as well as a number of other brands. The firm is now the new owner of Michelin Russia Tire Manufacturing Company (MRTMC) and Camso CIS.
The deal has already received approval from local authorities, its amount is not disclosed. Power International Tires LLC now owns a tire plant in the Moscow region. The company noted that the agreement will allow the staff of the local representative office, which has 250 people, to save jobs; at the same time, the main part of the personnel is employees of the enterprise in Davydovo.
Michelin noted that the costs associated with the termination of activities in the Russian Federation are reflected in the figures for 2022. Recall that earlier the volume of tire production in the Russian Federation accounted for only 1% of the total output of the company as a whole. At the same time, the share of products sold on the Russian market (including imports) of Michelin's total sales amounted to only 2%.
Some other foreign tire manufacturers also decided to leave the Russian market. So, one of the most popular in the Russian Federation was previously the products of the Finnish brand Nokian Tires. The local business was sold to Tatneft, including a plant in Vsevolozhsk (Leningrad region): its production capacity is designed for 17 million tires per year). Here it was decided to set up the production of automotive rubber under a new brand — Ikon.
Another tire plant that has recently changed its owner is the Continental site, which is located in Kaluga. Its production capacity is designed for the annual production of 4 million tires. The S8 Capital holding acted as the buyer of the local assets of the German manufacturer.
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