French tire manufacturer Michelin has announced that the company has signed a Memorandum of Understanding (MOU) with Double Coin Holdings and Shanghai Huayi Group Company. The three parties established a joint venture in the Chinese market to jointly produce and promote passenger car tires and light truck tires to reach a consensus. At present, the relevant formalities have been submitted to the competent authorities of the Chinese government for approval and the transaction will be conducted after the approval.
According to the agreement signed by the three parties, Michelin will hold 40% of the newly established joint ventures, and the two Chinese-funded enterprises will jointly hold 60% of the shares.
At present, Michelin has four factories in China (three in Shanghai and one in Shenyang) and employs more than 6,000 people, mainly producing passenger car tires and truck tires. The company said that the new plant will be located in Wuwei County, Anhui Province, and the annual production capacity of the tire is expected to be 15 million.
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