Romania’s Competition Council approved the takeover of Romanian tyre distributor IHLE Anvelope by French tyre producer Michelin, according to an announcement of the competition authority.

The transaction is part of an international deal in which Michelin group took over German IHLE Holding, a tyre wholesaler, and its international operations.

Michelin owns three tyre factories in Romania and a tyre distribution business, Euromaster Tyre & Services Romania. Michelin Romania had a turnover of EUR 474 million and a net profit of EUR 17.4 million, while Euromaster Tyre & Services had sales of EUR 18.4 million, in 2013.

IHLE Anvelope had sales of EUR 8.3 million in 2013.

editor@romania-insider.com