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Article: INTERNATIONAL DIGEST.(News)

Article from:
Rubber & Plastics News
Article date:
July 27, 2009
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Michelin to acquire rest of Chinese joint venture

PARISMichelin said it intends to buy the shares in its Chinese joint venture Shanghai Michelin Warrior Tire Co. Ltd. currently owned by the other two shareholders.

Double Coin Holdings Ltd. said it will sell the 28.5-percent shares it owns, while Shanghai Minhang United Development Co. Ltd. will sell its 1.5-percent share. Michelin owns the remaining 70 percent. The company said it intends to buy out its partners.

Michelin said all parties consider this move to be the best approach to ensure the joint venture firm's sustainable growth.

Sumitomo establishes Falken Tyre Europe

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