Michelin benefit from demand for cars

The French tire manufacturer Michelin has in the past year increased its profits significantly. The bottom line for the full year stood at 1.46 billion euros over 39 percent more than a year earlier, as the company announced on Friday. Revenues were up almost 16 percent to 20.7 billion euros. Thanks to the high demand for cars and trucks increased sales particularly the so-called OEM business was going well, where the cars on Michelin: - Roll (€ Next message ML.NX) tires from the production halls. Added to this was a higher sales of winter tires.

Higher raw materials costs could Continental (EUREX: CON.EX - news)-rival offset by price increases.

The shareholder will receive for the past year a dividend of 2.10 euros per share. For the current year, the expected stable in Clermont-Ferrand based company revenues. Although the prospects in emerging markets are very promising, in Europe the situation but look less rosy, it said. The presence in the emerging countries will be strengthened by including new plants in Brazil and China.

The proposed change at the top of the company is to take effect this spring. At the AGM on 11 May wants the former CEO Michel Rollier resign his office and handed over to his successor Jean-Dominique Senard. With Senard then routes the first time a manager, the traditional company, which derives not from the founding family.