By Cecilia Butini
Compagnie Generale des Etablissements Michelin said late Tuesday that U.S.-based tire distribution company TBC, which it jointly operates with Sumitomo, will divest its retail portfolio to Mavis Tire Express Service, based in New York, U.S.
The French tire maker said the divestment will allow TBC to focus on wholesale, distribution and franchise businesses. The company will also make investments toward supply-chain optimization, digital innovation and human capital, while also developing advanced tire logistics services, Michelin said.
Write to Cecilia Butini at cecilia.butini@wsj.com
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