Michelin, CFAO team up to sell tyres in Kenya and Uganda


French tyre manufacturer Michelin said on Wednesday it had agreed to a joint venture with automotive and pharmaceutical distribution specialist CFAO to sell premium tyres in Kenya and Uganda.

CFAO, previously known as Compagnie Francaise de l’Afrique Occidentale, will own 51 percent of the new entity and the governance is to be equally shared with Michelin, the two companies said in a statement.

No other financial terms were disclosed.

“Michelin wants to accelerate the distribution of its high-end tires (…) by seizing this growth opportunity in two regional African powerhouses,” the statement said.

For Citizen TV updates
Join @citizentvke Telegram channel



Video Of The Day: On Viusasa, now you can download your videos and play them back later

Story By Reuters
More by this author