Michelin: creates a joint venture with Sumitomo
(CercleFinance.com) - Michelin North America Inc.
(MNAI) and Sumitomo Corporation of Americas (SCOA) announced after trading on Wednesday a definitive agreement to merge their respective wholesale and retail operations with associated services in North America.
This agreement will mean the creation of an equally-owned joint-venture and gives birth to the number 2 in wholesaling in the tyre sector in the US market.
The wholesaling entity will operate under a new brand, NTW, and will be one of the operating companies of TBC Corporation, a subsidiary of SCOA. It will ensure better availability of tyre products across all price ranges in North America, with greater scope for delivery to customers. The joint venture will also enable both companies to optimise the capacity, quality and speed of the service provided.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
(MNAI) and Sumitomo Corporation of Americas (SCOA) announced after trading on Wednesday a definitive agreement to merge their respective wholesale and retail operations with associated services in North America.
This agreement will mean the creation of an equally-owned joint-venture and gives birth to the number 2 in wholesaling in the tyre sector in the US market.
The wholesaling entity will operate under a new brand, NTW, and will be one of the operating companies of TBC Corporation, a subsidiary of SCOA. It will ensure better availability of tyre products across all price ranges in North America, with greater scope for delivery to customers. The joint venture will also enable both companies to optimise the capacity, quality and speed of the service provided.
Copyright (c) 2018 CercleFinance.com. All rights reserved.