Michelin is the transferee of the 30% shares of Shanghai Michelin Warrior Tire Co. Ltd
(Paris – February 2, 2010 ) – According to Shanghai United Assets and Equity Exchange’s announcement, Michelin is the transferee of the 30% shares of Shanghai Michelin Warrior Tire Co. Ltd. (SMWT) at the price of RMB 170,180,000 (around € 18 million).
All of the parties agree that the transaction is in their best interests and is beneficial to the sustainable growth of SMWT and Warrior Brand.
Double Coin Group (a former shareholder of SMWT with Michelin) is the owner of Warrior trademark. After the transaction, it will continue to grant Michelin the exclusive right to use the Warrior trademark for its passenger car and light truck tire businesses for two years. At the end of this two-year period, the license will be terminated, and Double Coin Group will have all rights to use the Warrior trademark itself and/or to decide on its own to license it for use by others.