PARIS (Feb. 7)—The combination of solid unit growth and the positive effect of currency exchange fluctuations helped Groupe Michelin achieve an 11.9-percent gain in sales last year to $14.2 billion. Michelin did not release earnings at this time, but said operating profit was in the range of $1 billion to $1.2 billion, as forecast at the end of the third quarter. Overall, Michelin reported a 5.6-percent rise in units sold, which includes 11.8-percent growth in replacement market sales in North America, partially offset by a 10.2-percent drop in original equipment sales, Michelin said. The company was able to hold the negative effects of raw material price increases throughout the year to about 1 percent by better replacement/OE market mix in North America and Asia, sustained price increases of its own, and above-average growth of higher value-added products.
Michelin reports sales hike in 2000
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