FRANCE: Sales plunge at Michelin
Michelin has reported a sales slide of 10.9% year on year in the third quarter to EUR3.75bn (US$5.58bn) amidst a slump in global demand.
Sales were also 12.5% lower in the first nine months of the year, the company said in a statement.
Michelin is cutting more than 1,000 jobs in France and said it was still aiming to generate positive cash flow in the second half of this year as it expected improved profitability against the first half thanks to lower raw materials costs.
In July Michelin reported a net loss of EUR122m (US$182m) in the first half from a net profit of EUR430m (US$642.5m) in the same period in 2008.
Sales were down 23% by volume in the first half.