Michelin will leave Russia
French tire manufacturer Michelin has decided to leave Russia and transfer local assets to “the current local management,” according to a statement on the company’s website.
The company claims that it cannot resume production due to technical reasons – due to logistical failures and “general uncertainty”. It is expected that the transfer of control over the assets will take place before the end of 2022. At the same time, Michelin promises to create the most favorable conditions for employees.
Financial details of the transaction are not specified. It is only noted that the new company will operate through a structure independent of the parent Michelin.
Michelin owns a tire manufacturing plant in the Moscow region, which employs about 750 people. The total number of the company’s staff in Russia exceeds a thousand people. In mid-March, Michelin announced the suspension of production in Russia.