Michelin, Woco launch anti-vibration venture

CLERMONT-FERRAND, France (March 6) — Groupe Michelin and Woco Industrietechnik GmbH have agreed to set up a joint venture combining their anti-vibration system activities. The new company, Woco Michelin AVS, will oversee a dozen factories on four continents and should grow to more than $300 million in annual sales by 2003 from $220 million this year, the companies said. Bad Soden-Salmunster, Germany-based Woco will be majority owner with 51 percent; Michelin will control 49 percent, but the two companies will have equal representation on the venture´s board of directors. The two companies have worked together on a project-by-project basis since January 1999 and agreed in September to explore further cooperation.