Michelin Tire Ups Mid-term Profit Target

According to Reuters, Michelin tires have recently raised their mid-term profit targets and forecast that the global tire market will recover to 4% to 5% growth rate by 2014.

Michelin Tire announced on September 19, 2012 that the company plans to increase its annual operating profit to 2.9 billion euros (excluding one-time items) by 2015, while Michelin's previous 2015 profit target was 2.5 billion euros.

Michelin said that according to the company’s mid-term investment plan, Michelin will build a new factory in China and Latin America each year. In the next few years, Michelin investment in emerging markets will account for more than 60% of its total investment.

Michelin estimates that between 2012 and 2015, the company's total annual capital expenditure will reach 1.6 billion to 2.2 billion euros, of which about 550 million euros will be spent on purchasing raw materials each year.

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