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Michelin announces first half results

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Groupe Michelin's net sales for the first six months of 2002 totaled 7.8 million euros, a 1.4% increase from the first half of 2001.

Michelin's first half net income reached 254 million euros, a 279% jump over the same period last year.

"In North America, the (passenger/light truck tire) replacement market is down only 0.8% over the first half of 2001," say Michelin officials.

However, the company says its North American original equipment sales "have grown much faster than the market."

Michelin says it regained most of the replacement medium truck tire market share it had lost in North America during the first half of 2001, and made market share advancements in the OE truck tire segment.

"For the second half, (Michelin) is anticipating a challenging and uncertain environment. However, provided that tire markets, raw material prices and exchange rate parities do not deteriorate further -- and taking into consideration the internal improvements already achieved -- Michelin raises its 2002 annual operating margin target."

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