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Michelin’s profits are not tired
STRONG growth in demand for specialist tyres for trucks and mining industry vehicles helped Michelin beat analyst expectations on profits last year, writes Perry Gourley.
The world’s second largest tyremaker, which employs 750 people at its plant in Dundee, saw net profits rose 39 per cent to almost €1.5 billion (£1.3bn) on sales up by 16 per cent to €20.7bn.
Michelin said it was targeting a 9 per cent return on capital every year until 2015 while aiming to pay out 30 per cent of its profit as dividends. Sales volumes are seen growing 25 per cent by 2015 and 50 per cent by 2020.
In November, the French firm received £5m of funding from Scottish Enterprise as part of an investment which will create 140 jobs at the Tayside plant.
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