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Michelin Announces Intent to Acquire Tire Centers, Inc.

1 April 1999

Michelin Announces Intent to Acquire Tire Centers, Inc.

    GREENVILLE, S.C., March 31 -- Michelin North America, Inc.
today announced its intent to acquire Tire Centers, Inc. (TCI) upon subject to
necessary regulatory approvals.
    TCI has been an authorized Michelin dealer for the past 12 years.  More
recently, TCI became a Michelin Retread Technologies, Inc. (MRTI) franchisee.
During the past year, a majority of TCI's 17 retread shops have converted, or
are in the process of converting, to the MRTI retreading process.
    "Due to the strategic importance of TCI to our retreading initiative, when
TCI approached us about selling their business we decided to acquire it," said
Jim Micali, president and chairman of Michelin North America, Inc.
"Michelin's replacement tire distribution strategy does not change with this
acquisition.  Our commitment remains in support of the independent tire dealer
network."
    TCI was a pioneer in embracing MRTI retreading technology and has played a
major role in the overall success of MRTI in the retread market today.
    According to Micali, TCI will be run as a stand-alone business.  Upon
completion of the transaction, Scott Snyder, current TCI general manager, will
become president and chief executive officer.  Jim Berlin will continue his
association with TCI as a consultant.
    TCI is one of the largest independent tire dealers in North America with
163 stores and more than 2,500 employees.  Headquartered in Akron, Ohio, the
company sells passenger, light-truck, commercial truck and earthmover tires.
    Michelin manufactures and sells tires for every type of vehicle -- from
bicycles to trucks, from farm equipment to earthmovers, and from automobiles
to the space shuttle.  Headquartered in Greenville, S.C., Michelin North
America employs 23,000 and operates 25 plants.