French tire maker Michelin Cie Des Estb (MGDDY.PK,MGDDF.PK), Wednesday reported nine-month sales of 20.171 billion euros, down 4.6% from 21.152 billion euros last year.
Automotive and Related Distribution sales slipped 2.4% to 10.356 billion euros, while Road Transportation and Related Distribution dropped 4.6% to 4.933 billion euros. Specialty business and related distribution decreased 9.1% to 4.882 billion euros.
"Our strategy continues to deliver positive outcomes; our Group resilience is further strengthening. Yet, over the past few months Michelin has had to face contextual adverse factors that are increasing, whether economic, climate-related or geopolitical. These are strongly impacting most markets, notably in Original Equipment. This materializes into substantial drops in our sales volumes and production reductions in our plants. I want to salute our teams who are addressing these effects on a daily basis." said Florent Menegaux, Managing Chairman.
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