ERJ staff report (RD)
Paris -- Michelin has acquired 30 percent shares and full control of Shanghai Michelin Warriror Tire Co. Ltd. (SWMT) for around Euro 18 million, a 2 Feb Michelin statement said.
Chinese tyre maker Double Coin Group, owner of the Warrior trademark, previously owned 28.5 percent of SWMT shares with Shanghai Minhang United Development Co. Ltd. holding the remaining 1.5 percent. Michelin first bought into the Chinese passenger and light truck tyre producer in 2001.
Double Coin will continue to grant Michelin the exclusive right to use the Warrior trademark for its passenger car and light truck tyre businesses for two years -- after which Double Coin will retain all rights to the Warrior trademark itself and/or decide to licence it for use by others, the statement said.
All of the parties said they agreed the transaction is in their best interests and is beneficial to the sustainable growth of the venture and the Warrior brand.
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Press release from Michelin