Sumitomo and Michelin’s TBC Corp. to divest retail portfolio to Mavis Tire

The operation will enable TBC to focus on driving accelerated growth and value in its core businesses, the company said in a statement

TBC Corp., a distributor of automotive replacement tires based in the US, and a joint venture between Japan’s Sumitomo Corp. and French tire manufacturer Michelin, announced that it has entered into an agreement to divest its Midas franchise portfolio to Mavis Tire Express Service Corp., which operates a tire retail chain across the US.