Michelin has posted 2014 net income down 8.5% to EUR1.031bn (US$1.2bn) as sluggish markets apart from North America and China, took their toll.
There was weaker demand for passenger car/light truck and truck tyres in the winter segments in Europe and for original equipment (OE) in the new markets, except for China.
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The company also noted a decline in agricultural and mining sectors, softened by a recovery in the OE and infrastructure market in the earthmover tyre segment, although it stressed continued “robust” growth in North America and China.
“Last year’s results provide further confirmation of the Group’s strong fundamentals,” said Michelin CEO, Jean-Dominique Senard.
“This year, we will focus on stepping up our growth drivers, including the launch of new Michelin brand ranges and a revamped line-up of our other brands, a significant improvement in the quality of our customer service and more assertive distribution.
“The competitiveness plan will also be accelerated and now aims to achieve cumulative savings of EUR1.2bn over the period 2012-2016, versus EUR1bn previously.”
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