Michelin Group is upping its investment in the mining sector with the acquisition of Fenner plc, a maker of conveyor belts and reinforced polymer products for the mining industry.
Net sales increased 5% and net income hit a historic high for Michelin Group in 2017.
Pete Selleck, chairman and president of Michelin North America Inc., will retire at the end of 2017.
Both net sales and tire volume were up for the first half of Groupe Michelin's 2017 fiscal year ended June 30. However, consumer and truck tire margins were down.
Michelin Groupe CEO Jean-Dominique Senard is among the 50 global leaders participating in Movin'On, an international forum presented by Michelin and focused on urban mobility and sustainable transportation.
Margins on consumer tires helped boost Groupe Michelin’s net income 43% in 2016. Michelin posted net income of 1.7 billion euros on net sales of 20.9 billion euros for its fiscal year ended Dec. 31, 2016. That compares to income of 1.2 billion euros on sales of nearly 21.2 billion euros for fiscal 2015.
When Groupe Michelin CEO Jean-Dominique Senard officially introduced the Pilot Sport 4 S at the 2017 North American International Auto Show in Detroit, he talked about the tire's improved performance over the company's previous flagship tire, the Pilot Super Sport.
Michelin Group’s new Pilot Sport 4S has a Y speed rating (186+ mph) and offers a 30,000-mile warranty. The product line initially includes 35 sizes, in widths ranging from 225mm to 345mm, aspect ratios from 30 to 45, and rim diameters from 18 to 20 inches.
Jean Dominique-Senard, global CEO for Groupe Michelin, will discuss the company’s latest ultra-high performance tire at the North American International Auto Show (NAIAS) on Tuesday, Jan. 10, at 9 a.m.
Michelin Group began construction of its 69th global plant in León, Guanajuato, in central Mexico, this week.
Despite a drop in net sales of about 2%, Groupe Michelin says its tire volumes in the first half of 2016 beat the market in every segment. Passenger and light truck tires were the leaders, with a 4% increase over the same period a year ago.
The Mexican automotive market -- especially the original equipment market -- is expanding out of necessity. And Michelin North America Inc. is right there with it.
Groupe Michelin’s sales of passenger and light truck tires “clearly outpaced the market” during the first half of 2015, the company said, with net sales of consumer tires rising 13.4% compared to the same period a year ago.