CLERMONT-FERRAND, France (Feb. 14, 2000) — Based in part on the first time consolidation of the results of Tire Centers Inc. in the U.S., Group Michelin reported a 10.2-percent rise in global sales, to $14.7 billion.
However, changes in the U.S. dollar-French franc exchange rate accounted for more than half the increase, Michelin said.
Overall, sales volume in tons of tires shipped rose 5.2 percent, while prices fell 0.3 percent.
North America led the way for Michelin, chalking up a 12-percent gain in sales volume, the company said. The addition of eight months of TCI´s results—the company was acquired in April 1999—would have added between $350 million and $400 million to Michelin´s sales, based on TCI´s 1998 results. Elsewhere, Michelin´s volume gains were 9 percent in Asia, 6 percent in Latin America, and 1 percent in Europe. The company did not release earnings at this time.