Compagnie generale des etablissements Michelin has signed a final agreement with Double Coin Holdings and Shanghai Huayi to create a joint venture in China to produce and market Warrior brand passenger car and light truck tyres for the local market.
The new company, Double Coin Group (Anhui) Warrior Tires, will be owned 40% by Michelin and 60% by its Chinese partners, Dow Jones reported. The Michelin Group will contribute capital of CNY667m (about EUR75 million) to the joint venture and the new ventue will operate a plant now being built in Wuwei, Anhui province, around 400km west of Shanghai.
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The CNY3.5bn (EUR390m) project will eventually have capacity of 15m tyres.
