ERJ staff report (DS)
Paris — Despite a series of price increases, Michelin’s sales revenues fell slightly in the first half, even though volumes increased. The company said the decline was due mainly to exchange rate variations.
Michelin said its cash flow and results were affected by the rapid increase in raw materials. The cpmpany noted however, that, “the significant drop in passenger car & light truck and truck replacement markets in Europe and North America, a drop that accelerated in Europe in May and June.”