Michelin Sells Stake in Symbio to Stellantis
The JV started operating in 2020, it will contribute €150 million to Michelin group’s cash.
Clermont-Ferrand, France- Michelin SCA., a French Tyre company has confirmed the sale of part of its shareholding in Symbio to Stellantis, completed on July 27. The transaction will see Stellantis acquire a 33.33% stake in Symbio, alongside Michelin and Forvia, who will each hold a 33.33% stake.
Symbio is a joint venture between Michelin and Faurecia, a leading automotive supplier. The company develops and manufactures hydrogen fuel cell systems for light commercial vehicles and buses. Symbio's technology is already being used in a number of commercial vehicles, including the Renault Master Hydrogen and the Toyota Mirai.
This transaction reflects the value development of Symbio since the JV started operating in 2020, it will contribute €150 million to Michelin group’s cash.
