Michelin to transfer its Russian activities to local management

"Michelin now confirms that it is technically impossible to resume production, due in particular to supply issues, amid a context of general uncertainty", the company said in a statement. It added that the new entity would operate through an independent structure.

Michelin intends to transfer its activities in Russia to local management by the end of the year, the French tire maker said on Tuesday. "Michelin now confirms that it is technically impossible to resume production, due in particular to supply issues, amid a context of general uncertainty", the company said in a statement.

It added that the new entity would operate through an independent structure. The company in April said its balance sheet exposure to Russia and Ukraine still amounted to roughly 200 million euros ($211.78 million), adding that it was its goal to stop raw material imports from Russia by June.