Milelin to transfer Russian business to local authority by end of 2022

By the end of 2022, Michelin will be transferring all of its Russian operations to local management.

Michelin suspended activities in Russia on March 15 following the country's invasion of Ukraine, which was launched in late February.

Michelin has now confirmed that it is technically impossible to resume production due to supply issues, a context of general uncertainty, the company wrote in a press release.

The Group is considering the possibility of transferring control of its administrative, sales and industrial operations to local management by the end of 2022 and must plan the transfer of all its Russian operations by the end of 2022. The release said that Michelin is preparing the most favorable framework possible for its employees.

Michelin said that the new entity would operate through an independent structure.

In Russia, the company's sales represent 2% of its total sales and 1% of its global car tire production.