Interfax-Ukraine

News about recent political developments in Ukraine, key Ukrainian economic news and major current events in the CIS and the rest of the world.

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Michelin suspends tire production in Russia, exports.

Michelin is suspending tire production in Russia and exports to the country, the company said in a press release.

"The Michelin Group is suspending its industrial activity in Russia, as well as its exportations to Russia," it said.

Michelin's Davydovo plant near Moscow manufactures passenger car tires and retreaded truck tires, mainly for the local market.

"In this very difficult and uncertain context, Michelin's priority is to support all of its employees who are impacted by this crisis, including its Michelin Russia employees. The Group remains fully mobilized and will continue to adapt its decisions as the situation evolves," the company said.

Michelin has been in Russia since 1997 and was the first foreign tire manufacturer to open a plant in 2004. Michelin Russia employs approximately 1,000 people, including 750 at the Davydovo plant. This site has a production capacity of 1.5 to 2 million tires per year, mainly for passenger cars. Most of the production is intended for the Russian market and to a lesser extent for certain Northern European countries. Michelin's sales in the country represent 2% of the Group's total sales and 1% of its global passenger car tire production.

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