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French tyre maker Michelin said on Tuesday that it plans to hand over its activities in Russia to a new entity under local management by the end of the year.
Michelin suspended its manufacturing activities in Russia on March 15 due to supply difficulties following Moscow’s invasion of Ukraine.
“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.
Michelin has balance sheet exposure of 250 million euros ($265 million) from Russian operations, it said, adding that the transfer would not impact its financial guidance.
The new entity would operate through an independent structure, it added.
Michelin’s sales in Russia represent 2% of total sales and 1% of its global car tyre production, according to the group.
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