Michelin Sees No Relief Until Late 2009

Groupe Michelin officials said today that they don’t expect to realize “the full benefit” of a current downturn in raw materials prices until next year. Speaking at the company’s shareholders’ day, Michelin co-managing partner Didier Miraton said the decline in the prices of oil and natural rubber will take time to feed through, perhaps into the second half of 2009. (Tire Review/Akron)