Michelin’s Q1 sales down on weak European market

ERJ staff report (BC)

Clermont-Ferrand, France – Tire maker Michelin has reported sales of €4.9bn for Q1 2013, an 8.1 percent drop from the year-ago period.

The company said: “Market environment was weak in Europe in passenger car and light truck tires, disappointing in North America and expanding in the new markets.”

OE and replacement tire volumes in Europe fell 11 percent and 9 percent, respectively, while north America gained 1 percent year on year in OE sales and lost 2 percent in replacement tires.

Asia and South America…

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