TOKYO — Japan’s Sumitomo Corp. will sell U.S. auto inspection and maintenance company Midas to Mavis Tire Express Service, the trading house said, as its replacement tire joint venture focuses more narrowly on tire wholesale and retail.
Midas is owned by TBC, a joint venture between Sumitomo and French partner Michelin. The deal is slated to close this quarter, with Sumitomo expecting to earn more than 20 billion yen ($130 million) from the sale.
