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Michelin selling stake in Double Coin joint venture

Paris – Groupe Michelin is selling its 40% stake in the Double Coin (Anhui) Warrior Tire Co. Ltd joint venture to affiliates of the venture’s majority partner, Shanghai Huayi (Group) Co. Ltd, including Double Coin Tire Group Co. Ltd.

The venture partners – which created the 60/40 venture in 2011 – did not disclose the value of the transaction. At the time of the venture’s formation, Michelin’s capital investment was valued CNY 667 million (approximately €75 million).

For the record, Compagnie Financière Michelin and Michelin (China) Investment…

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