BANGKOK, Thailand (June 2)—Siam Cement Group has agreed to sell the bulk of its share of its tire making joint venture with Groupe Michelin to the French tire maker.
Siam Cement said it expects to realize non-recurring gains over three years of about $81 million on the sale of a 30-percent share in Michelin Siam Group, which it co-founded with Michelin in 1989. The sale will leave Siam Cement with a 10-percent stake in the venture.
Michelin Siam Group, which operates three tire plants and a steel cord factory, reported sales of $400 million in 2004, Siam Cement said.