January 3, 2018 / 5:15 PM / in 10 months

BRIEF-‍Michelin, Sumitomo to combine North American replacement tire distribution in 50-50 joint venture​

Jan 3 (Reuters) - Michelin:

* ‍MICHELIN NORTH AMERICA INC. (MNAI) AND SUMITOMO CORPORATION OF AMERICAS (SCOA) TO COMBINE THEIR RESPECTIVE NORTH AMERICAN REPLACEMENT TIRE DISTRIBUTION AND RELATED SERVICE OPERATIONS IN A 50-50 JOINT VENTURE​

* ‍MICHELIN AND SUMITOMO CORPORATION TO CREATE SECOND-LARGEST PLAYER IN THE WHOLESALE TIRE MARKET IN THE UNITED STATES

* BASED UPON THE ENTERPRISE VALUE OF EACH BUSINESS ($160M FOR TCI WHOLESALE AND $1,520M FOR TBC), MICHELIN WOULD CONTRIBUTE A CASH PAYMENT OF $630 MILLION TO SCOA AND TCI WHOLESALE TO EQUALIZE OWNERSHIP IN THE JV. Source text for Eikon: Further company coverage: (Reporting by Ingrid Melander)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below