According to the financial report released by the French tire manufacturer Michelin Group on February 12, 2013, due to the strong growth in North America and Asia offsetting the negative impact of shrinking markets in Europe and South America, the group’s operating profit in 2012 reached 2.423 billion euros (approximately 32.5 percent). Billion US dollars), an increase of 24.6% over the previous year.
In 2012, sales of Michelin reached EUR 21,474 million (US$28.8 billion), an increase of 3.6% over the previous year; net profit reached EUR 1,571 million (US$ 2.1 billion), an increase of 7.5% over the previous year.
Due to the decrease in global market demand, sales of Michelin tires decreased by 6.4% in 2012. The slowdown in China’s economic growth has led to a 15% drop in demand for heavy truck tires, but demand for passenger cars and light truck tires has also increased by 6%.
Due to market uncertainties, Michelin's goal in 2013 was to maintain stable sales and operating profits, and continue to expand investment in areas with rapid growth. The investment is expected to reach 2 billion euros (about 2.68 billion US dollars).
Founded in 1889 in Clermont-Ferrand, a central city in France, Michelin has sales offices in more than 170 countries and territories around the world. It produces 180 million tires and 10 million maps and guides. It generated sales of 20.7 billion euros in 2011. (About 27.8 billion U.S. dollars).
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