Michelin Posts Big Loss for First Half of 2009
2009-08-06 Source：english.chinabuses.com
English.chinabuses.com: French tire maker Michelin said Friday it lost 122 million euros (172 million dollars) in the first half of 2009 due to high restructuring costs and the slump in the global car market. In a statement, Michelin said it had incurred "292 million euros in restructuring costs related to the plant specialization plan in France and implementation of the manufacturing and sales reorganization plan in North America."
Michelin special tires made for school buses
In addition, unit sales slumped by 23 per cent, "primarily due to the fall-off in tire demand in all of the country markets except China," Michelin said.
In the same period last year, the company had posted profits of 430 million euros.
Turnover for the period was down 13.4 per cent, compared to the first half of 2008, to 7.13 billion euros.
The company's managing general partner, Michel Rollier, said, "Concerning the business environment, inventories have now returned to more normal levels, but not to the extent that we can talk about a real upturn."
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