Michelin to buy all shares in Chinese tyre venture from Double Coin, Minhang

ERJ staff report (DS)

Paris -- Michelin has said it intends to buy the shares in its Chinese joint ventureShanghai Michelin Warrior Tire Co. Ltd (SMWT) currently owned by the other two shareholders.

Double Coin Holdings Ltd. said it will sell the 28.5% shares it owns, while Shanghai Minhang United Development Co., Ltd, will sell its 1.5% share. Michelin owns the remaining 70 percent. The company said it intends to buy out its partners.

Double Coin and Michelin will continue to collaborate. Michelin said all parties consider this move to be the best approach to ensure SMWT's sustainable growth.

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Press release from Michelin