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January 3, 2018, Michelin North America and Sumitomo Corporation of America announced a definitive agreement to combine their respective North American replacement tire distribution and related service operations in a 50-50 joint venture.[1][2] On April 5, 2018, the joint venture officially closed, bringing together Michelin North America's Tire Centers[3][non-primary source needed][4] and Sumitomo Corporation of Americas' (TBC Corporation) Carroll Tire, owned by TBC Corporation. The combined wholesale unit operates under NTW.
NTW is a wholly owned subsidiary of TBC Corporation through a multi-channel strategy owned by Michelin North America and Sumitomo Corporation of America.[citation needed]
