Michelin: TBC to sell retail network
(CercleFinance.com) - Michelin today announced that TBC, the US-based tyre distributor it jointly operates with Sumitomo, has reached an agreement to sell its retail store portfolio (NTB and Tire Kingdom) to Mavis Tire Express Service.
As part of the transaction, which is expected to be completed in the coming weeks, TBC will transfer 595 outlets and will also handle wholesale and distribution of tires for Mavis.
By divesting its retail portfolio and focusing on its wholesale business, TBC will improve its profitability by concentrating its resources on its core business and streamlining its organisation, the group said.
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