Romanian Acquisition For Michelin

Nomura International, which holds a “substantial” equity stake in Romanian tyre manufacturer Tofan, has announced the sale of parts of the company to Michelin. The French company has bought the Victoria car tyre plant, the Silvania truck tyre factory, a retreading unit, a number of warehouses and the Tofan-owned distribution network. The purchase price was not revealed but a number of tyre manufacturers are said to have been interested.