Sale of Michelin Down

News from Michelin says its first quarter net sales is down 14.2% to €3.5 Billion and unit sales declined by 24.4%. The decline was especially apparent in the Original Equipment business and, more broadly, in Truck tires.

For the inventory aspect, its volumes were stable over the first three months of the year, thanks to the production flexibility programs that will be stepped up in the second quarter to help optimize working capital. Inventory value will also benefit from the decline in raw materials prices.

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