ERJ staff report (LMH)
Paris -- Michelin has signed a Memorandum of Understanding with Double Coin Holdings Ltd. and Shanghai Huayi (Group) Co. to create a joint venture to produce and market Warrior-brand passenger car and light truck tyres for the Chinese market.
Michelin said in a 18 April announcement that the transaction is subject to signature of the final agreements and approval by Chinese authorities.
The new company would be owned 40 percent by Michelin and 60 percent by the Chinese partners. It will operate a plant now being built in Wuwei County, Anhui province, around 400 km west of Shanghai.
Present in China since 1988, Michelin currently employs more than 6000 people in the country, with four industrial sites producing passenger car tyres and/or truck tyres (three in Shanghai and one in Shenyang). Its retail network comprises more than 4000 sales outlets, including the TyrePlus franchise network.
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Press release from Michelin