French tyre-maker Michelin has reached an agreement to sell 40% of its shares in the Chinese joint venture Double Coin (Anhui) Warrior Tire Co.
Michelin said it would sell 30% of its stake to Shanghai Huayi Group Corp. Ltd. while Double Coin Tire Group Co. would purchase the remaining 10%.
None of the parties disclosed financial details of the transaction.
Michelin established the joint venture in 2011 in partnership with the Huayi Group and the Double Coin Group to develop the Warrior tyre brand in China.