“Michelin” said in its press release that it had signed an agreement with the Russian group to sell its two local companies, “Michelin Rasha Tire Manufacturing LLC” and “KAMSO CIS LLC”.
Power International, a well-known partner of Michelin, is one of the main tire distributors in Russia and is present throughout the country, specifies the group.
She specified that this acquisition “will make it possible to create 250 jobs located mainly in Davidovo”.
About 1,000 Michelin employees worked in Russia, including 750 in Davydovo, near Moscow.
And “Michelin” said in its statement that it “is aware that (Power International) cannot keep all employees, so it has allowed those who wish to leave the company on good terms”.
She added: “The option of transferring the activities to the local administration, despite all the efforts made by the staff of the group, did not come to fruition due to great difficulties which do not allow these activities to be independent. “.
And “Michelin”, present in Russia since 1997, suspended its activities in this country with the outbreak of the war in Ukraine.
The suspension of sales in Russia led to a decrease in tire sales volume (in tonnes) in the first quarter of 2023 compared to the first quarter of 2022, as well as in inventories.
In the first quarter of 2023, the French tire giant achieved a 7.4% increase in sales volumes to 6.96 billion euros, as higher prices helped offset lower sales.
And “Michelin”, headquartered in Clermont-Ferrand, is present in 175 countries and employs 132,200 people.
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