Michelin Group says it has finalized a joint venture with Double Coin Holdings Ltd. and Shanghai Huayi Co. to produce tires for the automotive market. The company targets after market share of china which forms a huge potential.
The tires would be sold under warrior brand in China.
The French tire maker said that Michelin would hold 40% stake in the Joint Venture, where the Chinese partner would hold 60% of the stake. The production of the factory at Wuwei has already started and will be get completed by 2012 end. The plant will invest 390 million euros and will generate a capacity of 15 million tyres annually by 2018.
Michelin also operates tire plants in Shenyang and Shanghai.
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