SHANGHAI — Michelin SA scales back its tire-making joint venture with Chinese partner Shanghai Tire and Rubber Co. Ltd. Major changes include the downsizing of registered capital from US$150 million to US$80 million, as well as the introduction of more investors from both sides. Shanghai Tire also will reduce the amount of assets it plans to sell to Michelin. News about Michelin's proposed joint venture has caused concern throughout China's tire sector. Industry officials have voiced ...
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