Russia without tires: French manufacturer Michelin sells its business in the Russian Federation

Back in April, Michelin announced the cessation of its activity in Russia. The company stops production in the Russian Federation due to the invasion of the Kremlin into Ukraine. The French manufacturer Michelin will fully sell its business in Russia. Subsidiary companies MRTMC and Camso CIS will receive Power International tyres. This was told on Reuters. The parties have signed an agreement through which 250 jobs will be saved at the Russian Michelin plant in Davidov.

Michelin noted that employees who do not want to stay at the enterprise will be able to leave "on good conditions". In April, Michelin announced the termination of its activity in the Russian Federation. Because of this, the sales volume of the company decreased by 25% following the results of the first quarter of 2023. In 2022, the French manufacturer stated that it stopped production in Russia due to the Kremlin's invasion of Ukraine.