According to news provided by NASDAQ, Michelin’s Compagnie Financière Michelin SCmA and Michelin (China) Investment Co. Ltd. and the affiliates of Huayi Group have reached an agreement allowing Michelin to sell the 40% equity it currently owns in Double Coin (Anhui) Warrior Tire Co. Ltd., aka Anhui Warrior Co.
In 2011, Michelin worked with Huayi Group and Double Coin Group, establishing Double Coin (Anhui) Warrior Tire Co. Ltd in Wuhu, Anhui Province. During the cooperation, Michelin has continuously supported the development, quality management and commercial performance to help the Warrior Brand to improve its competitiveness in the market.
In order to better focus on all parties’ core strengths, and to continue to strengthen their respective brands and to better focus on their respective strategy, all the parties have decided to make this equity transfer. All parties agree that the transaction is in their best interests and is beneficial to the sustainable growth of Michelin, Double Coin and Warrior.
Michelin has indicated a continued commitment to the company’s investment in the China market, and remains optimistic about China’s long-term potential for sustainable growth.
