PARIS, March 21 (Reuters) - 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.
Reporting by Matthias Blamont; Editing by Richard Lough