Wednesday, 7 Sep 2011 02:45am EDT
Michelin Group announced that it has signed the final agreement with Double Coin Holdings Ltd. and Shanghai Huayi (Group) Company to create a joint venture in China to produce and market Warrior brand passenger car and light truck tires for the local market. The new company, Double Coin Group (Anhui) Warrior Tires Co, will be owned 40% by Michelin and 60% by its Chinese partners. The Michelin Group will contribute capital of CNY 667 million to the joint venture. Double Coin Group (Anhui) Warrior Tires Co will operate a plant now being built in Wuwei, Anhui province, around 400 kilometers west of Shanghai. Representing an investment of CNY 3.5 billion, the project calls for creating production capacity of 15 million car and light truck tires eventually.
 

Source:reuters