Michelin achieves sales, income increases in 2005
Groupe Michelin's consolidated net sales for 2005 rose 3.6% to nearly 15.6 billion euros, while its net income grew 35.9% over 2004 levels to 889 million euros.
In North America, "replacement markets ended the year up 2.3% compared to 2004," according to Michelin officials.
"This volume improvement was combined with qualitative growth sustained by the progress recorded in segment and brand mixes."
Overall, Michelin "delivered solid performance" in North America during 2005. Price increases implemented last year held, "and the positive product mix, driven by the successful launches of new products... also pushed up the average selling price."
At the original equipment level, Michelin's North American business "saw the same evolution as in Europe: a strong first half followed by a slower second part of the year. In this environment, the Group's performance is quite satisfactory.
"Michelin increased its penetration with local car manufacturers by leveraging available capacities in Europe."