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Michelin announces third quarter results

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Groupe Michelin's consolidated net sales during the third quarter totaled nearly 4 billion euros vs. 3.9 billion euros for the same period last year.

Michelin reports it experienced an 11% drop in volume during September.

"The lack of visibility on the fourth quarter, brought about by the dramatic events of Sept. 11, leads Michelin to reinforce the tight monitoring pressures that were decided as early as April," say company officials.

"Michelin prepares itself to face further weakening in worldwide economies for 2002, aggravated by the September events."

As a result, the company says it is "anticipating additional structural efforts."

It is not ruling out "additional steps to adjust production capacities."

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