Michelin: 100% owner of its Chinese subsidiary
The French manufacturer has just purchased the last 30% of its share from the Chinese Double Coin group for 18 million Euros. Now the 100% owner of its Chinese subsidiary, Shanghai Michelin Warrior Tire (SMWT), Michelin may also use the Warrior brand for a period of two years.
Until now, SMWT was a joint venture with Double Coin, the number one state tyre company which made tyres for cars and for vans. With this operation, Michelin is aiming at doubling its car tyre production capacity by 2012, and increasing the capacity of heavy goods tyres by 40% on the Chinese market. The French group is planning to build a new factory in Shenyang, north of Beijing, an investment of 700 million Euros. China has become the leading world market for tyres.
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