Michelin’s growing speciality tyres business helps manufacturer register positive 2018 result
Michelin sales rose by 0.3 per cent in 2018 to more than 22 billion euros, while operating income increased by 1.2 per cent. Sales and earnings each accounted for more than 19 per cent, resulting in a return on sales of 20.6 per cent. Michelin’s positive results were particularly evident in the speciality tyres business and related distribution division – this includes both OTR and motorcycle tyres. During the last seven months of the fiscal year, Michelin expects Fenner Plc, a British supplier of conveyor belts and technical rubber products, to have annual sales of 745 million euros before its takeover last June by Michelin.