Connect to share and comment

Nova Scotia premier says his government is open to helping Michelin if asked

HALIFAX - Nova Scotia's premier isn't ruling out future help for Michelin Canada but Stephen McNeil says any financial assistance will be free of grants to the multinational corporation. McNeil said Thursday the tire manufacturing giant has not asked for assistance but the government would consider a proposal if it is brought forward. Michelin had been a good corporate citizen during its time in the province, he said.

Michelin to reduce tire manufacturing, dropping 500 jobs in northern Nova Scotia

PICTOU, N.S. - Michelin Canada is phasing out production of small tires at its oldest Canadian factory, dealing a sharp economic blow to the economy of northern Nova Scotia. The company said its decision, which will see about half of its 1,000 employees at its plant in Granton, N.S., laid off, is a response to a continuing shift towards larger tires in the North American car tire market combined with the limits of the facility. "People are in shock," said Andy Thompson, the deputy warden of the Municipality of Pictou County. "You'll not replace those jobs that easily."

Michelin says profits plunge, blames euro and flat market

Tyre-making giant Michelin blamed a rise of the euro and flat markets for a profits plunge and weak sales in 2013, in a results statement on Tuesday. The group supplies a vast range of tyres to the car, truck, aviation, mining and agricultural sectors, and is therefore an indicator of global economic activity. The company, known around the world by its logo of a man made of tyres, said that the global market for tyres was recovering slightly.

Michelin shares fall back on weak sales

Shares in tyre-making giant Michelin fell by 3.76 percent in initial trading on the Paris stock market on Tuesday in reaction to weak sales figures, traders said. The price of shares in the French group fell to 76.75 euros. The overall French market as measured by the CAC 40 index was showing a gain of 0.19 percent. Late on Monday, Michelin had reported that sales in the third quarter had fallen by 5.8 percent on a 12-month comparison to 5.1 billion euros ($7.0 billion). The company said that the strength of the euro had weighed on the figures.

Tire maker Michelin says 3rd quarter sales slump as exchange rates bite

PARIS - Tire maker Michelin says its revenue slumped 5.8 per cent in the third quarter and warned that the weakening U.S. and Canadian dollars would hurt full-year profits. Michelin said in a statement Monday that its revenue for the July-September period fell to 5.12 billion euros ($7.06 billion), down from 5.44 billion euros a year earlier. Michelin said profits were being squeezed by the worsening exchange rate, which hurts it because its costs are largely in euros and much of its sales are made in dollars.

Formula One: Pirelli threatens to quit over testing

Pirelli has warned it may be forced to quit Formula One if it is not given enough time to test its tyres before new engines are introduced next season, reports said. Paul Hembery, motorsport director of Formula One's official supplier, said Pirelli wouldn't be able to provide tyres if there were no tests before the end of this year. The Italian manufacturer wants to try out the tyres before cars roll out with their new turbo motors, ordered in a shake-up of engine specifications, in official testing late January in Spain.

Michelin is open to returning to Formula One: report

PARIS (Reuters) - France's Michelin said it was open to supplying tires to Formula One racing teams next season if it can agree terms with the sport's governing body, according to an interview in le Figaro. Italy's Pirelli is currently the only supplier of tires for Formula One racing teams, and it said on Saturday that contracts were already signed for next season with 10 of the 11 teams.

Michelin to cut 700 jobs in France

Tyre maker Michelin said Monday it would stop making truck tyres at one of its French factories by 2015, slashing 700 jobs, due to plummeting demand in Europe. Michelin said in a statement that it would cease the manufacture of truck tyres at its Joue-les-Tours site in the country's west and concentrate production on its factory at La Roche-sur-Yon, also located in western France. That site's annual production would increase from the current level of 800,000 to 1.6 million by 2019, creating around 170 new jobs.

Michelin shares slump on weaker Q1 sales

Shares in the French tyre maker Michelin fell by more than 3.0 percent in early Paris trading on Tuesday after it posted a sharp drop in first quarter sales a day earlier. Michelin's stock then recovered somewhat but was still down by 2.18 percent at 58.69 euros in morning trades, while the CAC 40 index of leading French shares was 0.98 percent higher overall. On Monday, Michelin said that its sales had fallen by an annualised 8.1 percent to 4.88 billion euros ($6.37 billion) in the first three months of the year, with the slump in Europe an even heavier 11 percent.

Michelin could seek more cost cuts in Europe - report

PARIS (Reuters) - Michelin <MICP.PA>, the world's second-largest tyremaker, could seek more cost cuts to cope with a prolonged slump in car sales in Europe, French daily Les Echos said on Monday. "We are not ruling out anything," Florent Menegaux, director of the passenger car and light truck products division, was quoted saying by the paper. "We must think about the market's evolution, assess whether the situation will last."
Syndicate content