Michelin : MICHELIN to Transfer Share in Double Coin (Anhui) Warrior Tire Co. Ltd
20 Novembre 2017 - 1:00PM
News
Release
Shanghai, November 20, 2017
MICHELIN to
Transfer Share in
Double Coin (Anhui) Warrior Tire Co. Ltd
On November 20, 2017, Compagnie
Financière Michelin SCmA ("CFM"), Michelin (China) Investment Co.
Ltd ("MCIC". CFM and MCIC hereinafter jointly referred to as
"Michelin") and the affiliates of Shanghai Huayi (Group) Company
(hereinafter referred to as "Huayi Group") have reached an equity
transfer agreement for Michelin to sell 40% of the equity it owns
in Double Coin (Anhui) Warrior Tire Co. Ltd (hereafter referred to
as "Anhui Warrior Co."). Precisely, Huayi Group (Hong Kong) Co.,
Ltd. will purchase 30% of the equity which CFM owns in Anhui
Warrior Co. and Double Coin Tire Group Co., Ltd. will purchase 10%
of the equity which MCIC owns in 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,
the quality management and the commercial performance of the JV to
help the Warrior Brand to improve 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.
Since its entry into China 28
years ago, Michelin has attached great importance to this market
and continued to make investments. Looking ahead, Michelin remains
optimistic about China's long-term growth, and is committed to the
sustainable development of transportation in China.
**************
CP_ Michelin quitte la JV avec
DoubleCoin_EN
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Michelin via Globenewswire
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