MICHELIN
(Compagnie Generale des Etablissements Michelin S.C.A.)
Company Profile
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Business Overview
-The Company is a market leader in manufacturing tires for all vehicles, primarily focusing on passenger cars, light trucks, and commercial vehicles.
-The Company is comprised of three business segments:
- Automotive tires and related distribution
- Road transportation tires and related distribution
- Specialty businesses and related distribution: Consists of tires for agricultural, two-wheel, aircraft, and earthmoving equipment; as well as Michelin Travel Partner and Michelin Lifestyle businesses
-The Company's brand portfolio includes the following:
- A global premium brand: Michelin
- A primary brand dedicated to sports cars and SUVs: BFGoodrich
- Regional brands: Uniroyal in North America, Kleber in Europe, Warrior in China
- National brands: Kormoran, Riken, Taurus, Tigar, Siamtyre
Global Tire Market
-In 2018, the Company was the second largest tire manufacturer with a 13.8% global market share.
-In 2018, the value of the global tire market was approximately USD 170 billion. Light vehicle tires accounted for approximately 60% of sales while truck tires accounted for approximately 30% of sales. In terms of volume, more than 1.5 billion car and light truck tires were sold in 2018, while approximately 220 million truck and bus tires were sold.
| (in million units) |
| Passenger car and light truck tires | Truck tires | |||||||
| OE | Replacement | OE | Replacement | |||||
| 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |
| Europe | 100.0 | 105.2 | 373.6 | 380.7 | 6.7 | 7.3 | 24.3 | 23.5 |
| North America | 78.9 | 82.3 | 280.4 | 274.2 | 6.8 | 6.7 | 20.6 | 23.7 |
| Central America | 36.5 | 36.9 | 0.1 | 0.1 | 6.0 | 6.1 | ||
| South America | 16.3 | 17.0 | 66.2 | 65.0 | 1.9 | 1.6 | 12.5 | 12.6 |
| Asia (excluding India) | 195.1 | 208.7 | 282.3 | 276.9 | 27.3 | 27.1 | 80.5 | 81.3 |
| Africa, India, Middle East | 30.2 | 36.4 | 103.9 | 106.3 | 4.2 | 6.2 | 31.0 | 31.7 |
| Total | 420.4 | 449.6 | 1,142.9 | 1,140.0 | 46.9 | 49.0 | 174.9 | 178.8 |
Source: Company estimates
-The Company expects that the passenger car and light truck tire market will decline slightly in 2020. Replacement tires are expected to remain flat, while original equipment sales are expected to sharply decline. The Company also expects that the truck tire market will decline in 2020.
-Past 2020, the Company expects new tire demand to grow by an average of 2% a year in the passenger car and light truck segment, and grow between 0-1% a year in the truck segment. Across the long term, the Company expects new tire demand to increase by 1-2% in mature markets and by 5-10% a year in newer markets.
Competitors
Shareholders
| -The Company is listed on the NYSE Euronext Paris Stock Exchange. | (As of Dec. 31, 2019) |
| Shareholder | Investment Ratio (%) |
| Foreign institutional investors | 61.3 |
| French institutional investors | 27.4 |
| Individual shareholders | 9.5 |
| Employee Shareholder Plan | 1.8 |
| Total | 100.0 |
Products
Tires
-Fuel efficient tires
-Run flat tires
-Winter tires
-Summer tires
-All-season tires
-Sports performance tires
-Luxury performance tires
-Long life tires
-Tires with EverGrip self-regenerating tread technology
Supplemental Information 1
>>>Business Report FY ended Dec. 31, 2007
>>>Business Report FY ended Dec. 31, 2008
>>>Business Report FY ended Dec. 31, 2009
>>>Business Report FY ended Dec. 31, 2010
>>>Business Report FY ended Dec. 31, 2011
>>>Business Report FY ended Dec. 31, 2012
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>>>Business Report FY ended Dec. 31, 2014
>>>Business Report FY ended Dec. 31, 2015
>>>Business Report FY ended Dec. 31, 2016
>>>Business Report FY ended Dec. 31, 2017
>>>Business Report FY ended Dec. 31, 2018
Archives of Past Exhibits
Note: A figure in brackets ( ) indicates a loss