Michelin: No new news about Russia

The Annual Meeting of Michelin Shareholders will take place on Friday 12 May, and amongst the plethora of information contained within the accompanying Notice of Meeting document, the company shares a few words on activities in Russia. Its message is largely unchanged since the previous update two months ago.

The tyre maker writes: “In a June 28, 2022 press release, Michelin acknowledged the technical impossibility of resuming operations in Russia, which had been standing still since March. As a result, it was intending to dispose of its operations in Russia by the end of the year 2022. Since this announcement, the Group has been working on several exit scenarios, including the sale to a third party. The process of search and negotiation with a local buyer takes more time than planned initially. It is still ongoing.”