François Michelin dies
Earlier today the former Michelin head and grandson of Michelin co-founder Edouard Michelin, François Michelin, passed away at the age of 89.
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Michelin acquires 40% stake in leading French online tyre retailer
Michelin says its acquisition of a 40 per cent share in France’s leading internet tyre retailer is a way to offer consumers “a simplified and financially-advantageous path” between searching online for tyre information and making a purchase and having tyres fitted by professionals. The tyre maker is investing €60 million for a minority stake in Allopneus SAS, which currently holds a seven per cent share of the French tyre market and sold some three million tyres last year.
Michelin’s new CrossClimate: Year-round, not all-season
On 2 March, at the sidelines of the Geneva Motor Show, Michelin launched its CrossClimate tyre. You could be forgiven for calling this tyre as an “all-season” product, however Michelin executives are emphatic that it is not one. Instead it is being pitched as something of a paradigm shift – both for the the French manufacturer, which has repeatedly positioned itself as a staunch supporter of seasonal summer/winter swaps, and for the market in general. Instead Michelin is positioning the CrossClimate as a tyre tuned for European markets with more temperate climates. The United Kingdom and its growing all-season tyre market is undoubtedly one region the tyre maker has in mind for the CrossClimate, however the strategy and the implications of it latest offering go far wider than just the UK alone.
Michelin donates to €300,000 French agronomy programme
Under an agreement signed at the SIMA International Agri Business Show in Paris yesterday, Michelin will donate €300,000 to the La Salle Beauvais Polytechnic Institute to support its creation of a farming machinery and new agricultural technology programme. The funds will be donated over a three-year period through the Michelin Corporate Foundation. Jean-Dominque Senard, who in addition to his functions as Michelin chief executive officer and managing general partner is president of the Michelin Corporate Foundation, signed the Memorandum of Understanding together with Claude Gewerc, president of the Picardy Regional Council, Philippe Choquet, general director of the LaSalle Polytechnic Institute, and Richard Markwell, president of AGCO Massey Ferguson.
Michelin profits down, volumes stable – “more assertive” distribution planned for 2015
Although volumes were slightly up, Michelin had to accept lower year-on-year turnover and profit in the 2014 financial year. Nevertheless, CEO Jean-Dominique Senard stated that last year’s results “provide further confirmation of the group’s strong fundamentals.” He added that measures intended to drive growth this year include the introduction of new Michelin product ranges and a “revamped line-up” within the company’s other tyre brands. Another factor Senard says we can look forward to is “more assertive distribution,” a reference to Michelin’s recently increased interest in wholesale operations within Europe.
Michelin to set up India R&D team
Reporting from the Michelin Challenge Bibendum event in China, Indian financial daily the Hindu Business Line shares that Groupe Michelin intends to establish an R&D team in India that will develop truck tyres for the Asian market. While the publication hasn’t published the comments to this effect that Michelin CEO Jean-Dominique Senard is said to have made on 13 November, it quoted Senard as saying Michelin’s presence in India is “just beginning” and that Michelin hoped to grow its presence in India soon. The new R&D team will apparently be based at Michelin’s development centre in Gurgaon, Haryana State.
Jean-Dominique Senard continues as Michelin managing general partner
Michelin has announced Jean-Dominique Senard will continue as Michelin managing general partner. The news follows a meeting of the board of directors of Société Auxiliaire de Gestion (SAGES), in its capacity as non-managing general partner of Compagnie Générale des Etablissements Michelin (CGEM) on 6 October 2014. During this meeting SAGES submitted a proposal for approval to the Supervisory Board to renew Jean-Dominique Senard’s term for another four years from 22 May 2015 (the previous terms official expiry date).
Michelin opens second Tigar Tyres plant, says more entry-level investment possible
The second Tigar Tyres plant in Pirot, Serbia is now open. An official inauguration was held at the facility on 9 October, and this culminated in Serbian President Tomislav Nikolic and Jean-Dominique Senard, CEO of parent company the Michelin Group, signing the first tyre to roll off the production line. The inauguration marked the completion of the first part of two-phase project. Investment has so far reached €215 million, and the 56,000 square metre facility will be capable of producing between 8 million and 12 million tyres in its phase one incarnation. Some 500 people will be employed at the new plant, increasing the Tigar workforce to around 2,600 to 2,700.
Michelin boosts profits in first-half 2014
An absence of the high restructuring costs of a year ago and low raw material prices have helped increase Michelin’s net first-half 2014 income by 23.1 per cent despite a 4.8 per cent decrease in net sales.
