Michelin

Michelin Releases Third Quarter Figures

International tyre giant, Michelin has released its sales figures from the first three quarters of 2010, reporting an almost 24 per cent increase.

Third-quarter sales for the French tyre manufacturer rose 23.8 per cent to 4.65 billion euros, with nine-month sales up 19.4 percent to 13 billion euros.

Michelin also confirmed its full-year targets and reported that growth in all tyre markets for the first nine months was faster than had been expected at the start of the year – predicting that the company would achieve around 12 percent unit growth by the end of the year.

Managing partner Jean-Dominique Senard told analysts Michelin would probably look at acquisition opportunities in the low-cost, high-quality segment, where the group did not have a strong enough presence.

He revealed that Michelin would probably look a small and medium-sized targets rather than large companies.

Tags: Jean-Dominique Senard