Michelin Romania, the local subsidiary of French tire producer Michelin, will pay dividends worth about EUR 16.5 million to its mother company, according to Mediafax.

The dividends represent 94 percent of the net profit registered by the company in 2013, which was EUR 17.6 million, 2.2 times higher than the profit in 2012. The company had a turnover of EUR 480 million, according to data from the Romanian Finance Ministry.

Michelin operates two tire factories in Romania, one in Floresti, Prahova county, and the other in Zalau. The group has 2,600 employees in Romania.

editor@romania-insider.com