French tyre major Michelin to invest up to €2.2bn/year through 2015

19 September 2012 15:51  [Source: ICIS news]

LONDON (ICIS)--Michelin expects to invest up to €2.2bn/year ($2.9bn/year) in capital expenditure through 2015, depending on the market outlook, the France-based international tyre major said on Wednesday.

Michelin added that it would continue to pursue projects in the US, including a new tyre plant in South Carolina.

“Michelin is focusing on projects that sustain its growth and strengthen its competitive advantages,” it said.

“They include a premium positioning, leadership in its specialty businesses and a broad worldwide footprint,” it added.

Michelin expects the global tyre market environment to “remain supportive” over the medium and long terms, despite current uncertainty, it added.

Next year would be a period of transition, but in 2014 tyre markets should return to structural growth of 4-5%/year, with raw materials prices tracking a similar trend, it said.

($1 = €0.77)

By: Stefan Baumgarten
+1 713 525 2653

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