Michelin signs Chinese JV with Huayi and Double Coin

ERJ staff report (DS)

Beijing -- The Michelin Group, Double Coin Holdings Ltd. and Shanghai Huayi (Group) Company have signed the final agreement to create a joint venture in China to produce and market Warrior brand passenger car and light truck tyres for the local market.

The new company, Double Coin Group (Anhui) Warrior Tires Co, will be owned 40 percent by Michelin and 60 percent by its Chinese partners. The Michelin Group will contribute capital of CNY 667 million (approximately €75 million) to the joint venture.

Double Coin Group (Anhui) Warrior Tires Co will operate a plant now being built in Wuwei, Anhui province, around 400 kilometers west of Shanghai. Representing an investment of CNY 3.5 billion (approximately €390 million), the project calls for creating production capacity of 15 million car and light truck tyres eventually.

The agreement is subject to approval by the appropriate Chinese authorities.

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Press release from Michelin