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Michelin is shifting sales
The French tire manufacturer is positioning itself more broadly for the future. But the tire business will remain intact.
Michelin is shifting sales
The tire industry is also changing. Michelin has presented a new plan, the “All Sustainable” Strategy 2030, with CEO Florent Menegaaux and CFO Yves Chapot. Essentially it's about Michelin wanting to become more sustainable. The specific goals: 35 percent of managers should be female, occupational safety should increase, and employee engagement should increase. The proportion of sustainable raw materials in Michelin products is expected to increase to 40 percent by 2030 and even to 100 percent by 2050.
The board expects an average increase in sales of five percent per year between 2023 and 2030. 20 to 30 percent of sales should come from outside the tire business.
Michelin wants to continue to expand the tire business and continue to invest and shape innovations. There are said to be very good growth opportunities for the Michelin Group, particularly through changes in mobility behavior as a result of the corona crisis and the emerging market for electric vehicles. In this segment, Michelin already claims to be the technology leader in the development and production of tires.
The Michelin Group wants to grow selectively in the road transport sector. Michelin wants to maintain its leading position in the mining, construction machinery, agriculture, aircraft and other specialty tire segments.
Driven by its materials expertise, Michelin aims to expand significantly in five business areas related to tires and beyond: Services & Solutions, flexible composites, medical devices, 3D printing of metals and hydrogen mobility.
• In the area Services & Solutions The group will continue to expand its portfolio of fleet solutions, particularly through IoT solutions and the data they collect.
• Michelin is also aiming for significant growth in the fast-growing market for flexible composite materials (conveyor belts, belts, coated fabrics, seals, etc.).
• Also in medical devices Michelin sees growth opportunities for the coming years.
• In the area of 3D printing of metals Through AddUp, its joint venture with Fives, the group has developed expertise in order to be able to offer tailor-made solutions to, among other things, automobile manufacturers.
• In the area Hydrogen mobility The Michelin Group is aiming for a global leadership position in hydrogen fuel cell systems with Symbio, its joint venture with Faurecia.