French tyre-maker Michelin sells its activities in Russia

The company had been present in Russia since 1997 and became the first international tyre company to open its own production plant there in 2004.

The Davydovo plant, located near Moscow, produces up to two million tyres per year, mainly for passenger cars for the Russian and some Northern European markets. File picture

French tyre-maker Michelin said it was selling its Russia Tyre Manufacturing Company and Camso CIS in Russia to Power International Tires, a tyre distributor in the country.

The agreement, approved by local authorities, will keep 250 jobs, mainly based at Michelin's sole Russian plant in Davydovo, the group said.