PARIS (March 2, 2000) — Michelin North America Inc. increased sales last year nearly 7 percent over 1999, to $5.5 billion, based heavily on the strength of its replacement market sales.
On a unit basis, Michelin sold 11.6 percent more car and light truck tires and 6 percent more truck tires to replacement customers last year vs. 1999, according to fiscal 2000 financial data released by parent Group Michelin.
By contrast, Michelin´s sales of car and light truck tires to North American original equipment customers fell 9.4 percent last year, in part by plan as the company gave up some selected accounts. OE truck tire sales fell 15.8 percent, paralleling the slump in new truck manufacturing.
Overall tonnage sold in North America was up 4.8 percent, based on 11.8 percent better replacement sales and 10.2 percent lower OE sales.
In the company´s financial accounts, Michelin´s North American sales rose 22.5 percent in euro terms; however, the averaged annual dollar/euro exchange rate fluctuated 14.6 percent from 1999 to 2000, leaving the adjusted increase at approximately 7 percent.
Michelin did not divulge profits for its geographical markets.
From a product standpoint, Michelin´s global sales of car and light truck tires grew 17 percent in 2000, to $7.1 billion, or roughly half of the company´s net sales. Sales of truck tires, despite the market slowdown in North America, grew 13.6 percent, to $3.8 billion.