PARIS, May 26. /TASS/. Michelin has sold its production assets in Russia to Power International Tires, the France-based manufacturer said in its press release on Friday.

"Michelin is today announcing the signature of an agreement with Power International Tires LLC for the purchase of its two local companies," the company said."A known partner of Michelin, Power International Tires is one of the main tire distributors in Russia and has a presence throughout the country," it noted.

The deal approved by competent authorities made it possible to save about 250 jobs, Michelin noted.

"The sale of the activities in Russia marks a major step in the Michelin’s history, the Group having been present in this country since 1997," it added.