Power International Tires completed the acquisition of the activities in Russia of Michelin.

Power International Tires, a tire distributor, completed the acquisition of the activities in Russia of Michelin, a tire manufacturer. Financial terms were not disclosed. Approved by the competent local authorities, this agreement will allow for saving 250 jobs, mainly based in Davydovo. The option to pass the activity on to local management was not possible due to major difficulties preventing these activities from being rendered autonomous.