MICHELIN - 2008 ANNUAL REPORT

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Michelin Service Center
for Trucks across China.
Michelin at a Glance
… and is launched in China
Showcased at the Beijing International Bus Trade Show,
the MICHELIN X One tire was elected as the original
equipment of the new bus fleet serving Beijing
International Airport. The key benefits built into the urban
version of the tire are comfort, grip and a noiseless ride.
MICHELIN XDN2 Grip makes a hit in Russia
Especially designed to address challenging climate with
30% more grip on wet and slippery road, +15% more grip
on snow and ice-covered roads coupled with 25% longer
service life*, the MICHELIN XDN2 Grip tire won many
Russian drivers over.
* Versus the MICHELIN XDN GRIP tire.
The Managing Partners’ Report
Asia: Michelin Posted Further
Sustained Growth
The replacement market, up nearly 6%
over the full year, was down 12% in the last
quarter. Over twelve months, China and
Thailand were up 8%, while Japan declined
9%.
The Group’s activities were boosted
by accelerating market radicalization in
the developing countries. Sales increased
significantly in China, Korea, India and most
of the ASEAN countries.
In Japan, winter tire sales were hit by weak
snowfalls; on the other hand, retread tire
activities boomed.
In original equipment, after a first half
up more than 30%, driven by market
radialization, demand was down sharply
in the last quarter and the year was down
nearly 2% overall. China, nevertheless
posted 3% growth while Japan was
up 11%, boosted by truck exports.
Michelin continues its dynamic growth
and strengthens its positions.
Africa and the Middle East:
Good Vintage
The market kept trending up, +5% for
replacement tires and +3% for original
equipment.
Michelin benefited from accelerating market
radialization. Moreover, its key distributors
replenished their inventories as 2007 had
been characterized by shortages.
Michelin increased
its U.S. distribution
footprint
In May 2008, Michelin and Love’s Travel Stops
signed a cooperation agreement that will expand
Michelin’s product and service offering to truck
tire users.
Thanks to Love’s Travel Stops distribution
network, Michelin will benefit from more than
150 new locations coast to coast.
Consolidated Financial Statements
Additional Information
Other Information
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