Michelin, the world’s second largest tiremaker, announced that its profit decreased by 71 percent in 2009 as a result of falling sales and increasing reorganization costs.
The company’s net income dropped to 106 million euro form the 360 million figure posted in 2008. Revenues decrease by 9.8 percent, only reaching 14.8 billion.
Last year, Michelin reduced its global workforce by 7.1 percent to 109,200 employees.
Chief Executive Officer Michel Rollier said Michelin has "improved … (read more)