Michelin to Take Control of Chinese Group

July 20, 2009

Shanghai Michelin Warrior Tire operates two factories in China

Michelin said on July 17 it would take control of Shanghai Michelin Warrior Tire (SMWT) company, acquiring the 30% stake in the Chinese group that it does not now own.

SMWT is currently 70% owned by Michelin, with the remainder of capital controlled by Double Coins Holdings, 28.5%, and Shanghai Minhang United Development, 1.5%.

Both groups had signalled a willingness to withdraw from SMWT, which operates two plants in China.

About the Author

Agence France-Presse

Copyright Agence France-Presse, 2002-2024. AFP text, photos, graphics and logos shall not be reproduced, published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP shall not be held liable for any delays, inaccuracies, errors or omissions in any AFP content, or for any actions taken in consequence.