Shanghai Michelin Warrior Tire Shares Transferred
According to an announcement made by Shanghai United Assets and Equity Exchange’s, Michelin is the transferee of the 30 per cent of the shares held in Shanghai Michelin Warrior Tire Co. Ltd. (SMWT) at the price of RMB 170,180,000 (₤15.6 million). A statement released by Michelin notes that “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”.
The Warrior trademark is owned by the Double Coin Group (a former shareholder of SMWT along with Michelin). After the transaction, it will continue to grant Michelin the exclusive right to use the Warrior trademark for its passenger car and light truck tyre businesses for two years. At the end of this two-year period, the licence will be terminated, and the Double Coin Group will possess all rights to use the Warrior trademark itself and/or to decide on its own to licence it for use by others.