Stomil Olsztyn Becomes Michelin Polska

Michelin has announced that it has consolidated its activities in Poland and will now conduct is business under the unified name of Michelin Polska. The newly created entity also took over the activities of Stomil Olsztyn manufacturing, and Michelin Polska trade Polish media sources are reporting.

According to Poland AM news digest, the aim of the move is to unify Michelin’s structure and strengthen its image on domestic market. Michelin Polska is also responsible for operations in other countries, including Lithuania, Latvia and Estonia. The French manufacturer became Stomil’s majority shareholder in 1995 when it purchased 51.2 per cent of the tyre producer’s shares for $105 million. Last year, the firm posted a 153 million zloty (£26.53 million) net profit on revenues of 1.55 billion zloty (£268 million).