says it was unable to pass its Russian company on to local management, noting “major difficulties” in ensuring these companies would be autonomous. Michelin added that it “allowed those who wished to leave the Company under good conditions to do so,” noting that it was not possible for Power International Tires to retain all staff.
The company first entered the Russian market in 1997 and opened its local production plant in 2004, becoming the first international tire company to do so. Russia accounted for approximately 1% of its global car tire production and 2% of its total sales.that it had sold all the shares of its Russian subsidiaries and its factory in the western city of Kaluga. VW sold its Russian assets to Moscow-based dealership Avilon.