Michelin reports sales increase for 1999

CLERMONT-FERRAND, France (Feb. 14)—Based in part on the first time consolidation of the results of Tire Centers Inc. in the U.S., Groupe Michelin reported a 10.2-percent rise in fiscal 1999 global sales, to $14.7 billion. Changes in the U.S. dollar-French franc exchange rate accounted for more than half the increase, Michelin said. North America led the way for Michelin, chalking up a 12-percent gain in sales volume, the company said. Elsewhere, Michelin´s volume gains were 9 percent in Asia, 6 percent in Latin America and 1 percent in Europe. The company did not release earnings at this time.