European plant utilisation under scrutiny – Michelin CFO
In response to questioning about low plant utilisation in Europe, Michelin CFO Marc Henry told participants in the company’s Q1 2013 earnings call that the tyre maker will consider its options in the coming months. Michelin's European passenger car plants are currently running at 75 to 80 per cent of capacity and its truck plants at 65 to 70 per cent, he shared.
Henry pointed out that the company’s first quarter results are the best it has ever achieved with such volumes. “So that means that there is no difficulty, financially speaking. But of course there is no point to stay very long with 65 per cent to 70 per cent of utilisation in truck in Europe. So that’s certainly something that we will consider during our strategic exercise that is being done between April until July this year.”
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