Clarification: Michelin, Sumitomo Corporation tyre wholesaling JV
In order to clear any consfusion arising from the announcement that Michelin and Sumitomo Corporation of Americas (SCOA) are forming a joint venture to pool tyre wholesale resources in the USA and Mexico, the Micheldever Group has issued a statement stressing that it is not in any way connected with Sumitomo Corporation or its North American subsidiary.
“This announcement in no way involves either SRI or Micheldever Group. SCOA is part of the Sumitomo Corporation, the large trading and investment company, and not Sumitomo Rubber Industries (SRI),” wrote Micheldever Group. “While it shares the same name, it’s a complete different business entity and SRI has no involvement in the recently announced joint venture between SCOA and Michelin.
“We hope this provides sufficient clarification and assists in ending any further interpretation or speculation on this matter.”