•  Markets expanding, despite slower momentum in the third quarter
  •  Solid performance by the MICHELIN brand
  •  Pricing policy added 10.0% to nine-month sales growth and, as announced, will offset the full-year impact of higher raw materials costs

Outlook for full-year 2011


In line with general economic trends, tire markets, and especially the Truck Tire segment, turned downwards over the summer, confirming Michelin’s measured optimism expressed in late July.


In the fourth quarter, growth in the European replacement Passenger Tire and Light Truck Tire segment will depend on winter tire sales to end-customers. The Truck Tire market is expected to remain uncertain, notably in Europe, while the Specialty markets will stay very buoyant.


In this environment, the Group reaffirms that growth in sales volumes should trend towards 8% by year end.


Michelin continues to efficiently manage its operations. It confirms that free cash flow will be temporarily negative in 2011, due to the impact of raw materials costs on working capital requirement, and expects operating income to end the year substantially higher than in 2010.


Investor Relations Media Relations Individual shareholders
Valérie Magloire
+33 (0) 1 78 76 45 37
+33 (0) 6 76 21 88 12 (cell)

Matthieu Dewavrin
+33 (0) 4 73 32 18 02
+33 (0) 71 14 17 05 (cell)

Corinne Meutey
+33 (0) 1 78 76 45 27
+33 (0) 6 08 00 13 85 (cell)
Jacques Engasser
+33 (0) 4 73 98 59 08



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 www.michelin.com 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.

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