Stomil Olsztyn fades into Michelin Polska

The aim of the move is to unify the structure and strengthen the image of Michelin on the domestic market. Michelin Polska is also responsible for operations in other countries, including Lithuania, Latvia and Estonia. Michelin became the majority shareholder in Stomil in 1995 when it purchased 51.2% of the tire producer's shares for $105 million. Thanks to the synergy and Michelin's investments, Stomil Olsztyn boosted its turnover by 300%. Last year, the firm posted a zł.153 million net profit on revenues of zł.1.55 billion. Currently, the firm exports 80% of its output - tires for cars, vans, trucks and agricultural vehicles. (Parkiet, p. 4) M.M.