PARIS (dpa-AFX) - French tire maker Michelin (MGDDY.PK, MGDDF.PK) announced that it has acquired Levorin, a Brazilian manufacturer of bicycle and motorcycle tires. The offer to purchase was signed and is subject to closing conditions and also subject to the approval of the Brazilian competition authorities.
This family business which was founded in 1943 by Hercules Levorin has specialized in the production of tires for the commuter segment in Brazil.
Michelin specified that the acquisition has two strategic objectives: to consolidate its presence in Brazil and strengthen the global development of its 2 Wheel tire ranges.
For Levorin, this acquisition will provide the resources to ensure its future growth and sustainability.
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