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Michelin eyes higher profits on lower costs

Clermont-Ferrand, France – Group Michelin expects to report increased operating income this year, based in part on lower raw materials acquisition costs that the company expects to yield benefits of approximately $165 million (€151 million), the company said in its third quarter financial report.

The company did not disclose its earnings for the quarter or nine-month period ended 30 Sept, but it said sales revenue fell 2.5 percent in the quarter on declines in unit volume and price/mix.

Sales revenue for the nine months ended 30 Sept…

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