Michelin : Investor Day: Michelin reaffirms its growth strategy, confirms its ambitious objectives for 2020 and announces sha...
April 04 2019 - 9:59AM
PRESS
RELEASE
Almeria - April 4, 2019
COMPAGNIE GÉNÉRALE
DES ÉTABLISSEMENTS MICHELIN
At its Investor Day, Michelin reaffirms its growth
strategy, confirms its ambitious objectives for 2020 and announces
a €500 million share buyback program between 2019-2023
Following an introduction by
Jean-Dominique Senard, Chief Executive Officer, reminding
participants of the Group's sustained progress over the years,
Florent Menegaux, Managing General Partner, reviewed the four
domains of growth addressed by the strategy presented in 2016.
-
Tires, the Group's core business: the Group's
ability to innovate, the strength of its brand and its broad market
access mean that it can offer increasingly higher performance
tires, perfectly aligned with each customer's needs.
-
Services and solutions: tire-related services,
connected mobility and fleet management solutions are helping to
deliver more efficient mobility for B2B customers.
-
Experiences: the curation businesses enable B2C
customers to enjoy outstanding mobility experiences while deepening
their affinity with the MICHELIN brand.
-
Expansion in high-tech materials: Mr. Menegaux
explained the growth outlook for Fenner, led by its expertise in
reinforced polymers. He also presented the two joint ventures in
metal 3D printing and hydrogen mobility with, respectively, Fives
Industrie and Faurecia, which will provide new sources of growth
beyond the 2020 plan.
Scott Clark, Executive Vice
President Automotive Business, Motorsports, Experiences, and
Vincent Rousset-Rouvière, Senior Vice President, Automotive
Original Equipment Business Line, described the growth dynamics in
the Tier 1 Passenger car and Light truck tire markets. The Group's
ability to innovate to meet the needs of OEMs, the power of the
MICHELIN brand and the enhanced market access to end-users were
presented as the Group's primary growth drivers in the most
profitable markets.
Serge Lafon, Executive Vice
President, Specialties Business, and Bruce Brackett, Senior Vice
President, Mining Business Line, reviewed the fundamentals
supporting structural growth in the mining and off-the-road
markets. They explained how Michelin's customer-focused
technological lead and Camso's contribution and close strategic fit
will help to deliver market share gains in these profitable
specialty businesses.
Marc Henry, Chief Financial
Officer, then confirmed that the 2020 targets for operating income,
the competitiveness plan, structural free cash flow and ROCE would
be met.
Yves Chapot, General Manager,
presented an initial overview of the Group's direction beyond 2020,
particularly the implementation of a new competitiveness plan with
higher targets for manufacturing performance and reductions in
overheads. The Group's growth, combined with competitiveness gains
and the optimization of inventory, will enable a sustained
improvement in structural free cash flow through 2025. Mr. Menegaux
confirmed the Group's dividend policy and announced the launch of a
€500 million share buyback plan for the 2019-2023 period.
In conclusion, Mr. Menegaux
reaffirmed the commitment of all Michelin employees to meeting the
Group's ambitious growth objectives in support of sustainable
mobility.
Investor Relations
Edouard de Peufeilhoux
+33 (0) 4 73 32 74 47
+33 (0) 6 89 71 93 73 (mobile)
edouard.de-peufeilhoux@michelin.com
Matthieu Dewavrin
+33 (0) 4 73 32 18 02
+33 (0) 6 71 14 17 05 (mobile)
matthieu.dewavrin@michelin.com
Humbert de Feydeau
+33 (0) 4 73 32 68 39
+33 (0) 6 82 22 39 78 (mobile)
humbert.de-feydeau@fr.michelin.com
|
Media Relations
Corinne Meutey
+33 (0) 1 78 76 45 27
+33 (0) 6 08 00 13 85 (mobile)
corinne.meutey@michelin.com
Individual Shareholders
Isabelle Maizaud-Aucouturier
+33 (0) 4 73 98 59 27
isabelle.maizaud-aucouturier@michelin.com
Clémence Rodriguez
+33 (0) 4 73 98 59 25
clemence.daturi-rodriguez@michelin.com
|
DISCLAIMER
This press release is not an offer to purchase or a
solicitation to recommend the purchase of Michelin shares. To
obtain more detailed information on Michelin, please consult the
documents filed in France with Autorité des Marchés
Financiers, which are also available from the https://www.michelin.com/en
website.
This press release may contain a
number of forward-looking statements. Although the Company believes
that these statements are based on reasonable assumptions as at the
time of publishing this document, they are by nature subject to
risks and contingencies liable to translate into a difference
between actual data and the forecasts made or inferred by these
statements.
20190404 Michelin PR Investor Day
Conclusion
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Michelin via Globenewswire
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