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Michelin two Chinese companies jointly build a new plant in Anhui

French tire manufacturer Michelin has announced that it has with the Double Coin Holdings Ltd. (DoubleCoinHoldings) and Shanghai Huayi Group Corporation (ShanghaiHuayiGroupCompany) signed a Memorandum of Understanding (MOU). Tripartite joint venture in China, co-production and promotion of passenger tires and light truck tires to reach consensus. At present, the relevant procedures have been approved by Chinese government authorities, the transaction will be approved for adoption.

    According to the tripartite agreement, in the new joint venture company, Michelin will hold 40% of the shares, while the two Chinese companies will jointly hold 60% of the shares.

    At present, the Michelin factories in China, 4 (3 in Shanghai, one in Shenyang), and employs 6,000 people, mainly producing passenger tires and truck tires. The company said the new plant will be placed in Wuwei County in Anhui Province, the plant production capacity upon completion of the tire for the 15 million expected.

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