Michelin Raises Siam Joint Venture Stake to 90 per cent

Groupe Michelin will buy a 30 per cent stake in its Michelin Siam joint venture from partner, the Siam Cement Group, raising its stake in the venture to 90 per cent. In a statement published on the Siam Cement web site, the company announced that it will gain 3.3 billion baht (£44.6 million) between 2005 and 2008 as a result of plans to reduce its stake in the joint venture. The company plans to steadily reduce its stake in Michelin Siam to 10 per cent from its current level of 40 per cent beginning in the fourth quarter of this year, it said in a filing to the Stock Exchange of Thailand. In 2004, Michelin Siam recorded total revenue of 328 million euros.