GREENVILLE, S.C. (Feb. 20, 2008) — Michelin North America Inc. reported sales of $8.1 billion last year, a 4.5-percent increase over 2006, based on a combination of higher replacement market sales and a better product/price mix.
The improvement shows that Michelin North America can succeed despite a challenging business environment, according to President and Chairman Jim Micali.
The tire maker will continue to cut costs and improve its productivity so it can continue to compete against rising tire imports, increased raw material and healthcare costs, he said.
In the firm's commentary on its performance in North America's, its French parent noted a ·very satisfactoryÃ¶ increase in passenger/light truck tire volume last year after several years of modest growth.
On the commercial side, Michelin said it consolidated its performance in a ·dramatically decliningÃ¶ North American market.
Micali said Michelin North America is the most profitable tire company in North America, but the firm declined to provide specific numbers. Globally, Michelin posted $2.25 billion in operating income last year, and North America represented 33 percent of worldwide sales.