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Michelin tire maker to transfer Russian assets under local management by year end

The company, which suspended operations in March, said in a statement that it is technically impossible to resume production amid a context of general uncertainty

© Yuri Mashkov/TASS

MOSCOW, June 28. /TASS/. French tire maker Michelin is working on the details of a plan to transfer its assets in Russia to local top management, a spokesperson with the company told TASS.

"The Michelin Group has just begun to work on a plan. The transfer procedure will be completed before the end of 2022," the Michelin press service said.

Earlier on Tuesday, Michelin announced that by the end of 2022 it will cease operations in Russia and transfer its Russian division to local management. The company, which suspended operations in March, said in a statement that "it is technically impossible to resume production, due in particular to supply issues, amid a context of general uncertainty." After the company leaves Russia, the work of its Russian division will be completely independent of Michelin. Currently, the company’s Russian division employs about 1,000 people.

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