World Tire Giant Michelin Announces 2030 Targets

World rubber giant michelin announced its goals
World rubber giant michelin announced its goals

Michelin, the world's largest tire manufacturer; announced its 2030 targets, based on twelve indicators covering environmental, social, social and financial performance. Aiming to achieve sustainable growth with an average annual increase of 2023% in sales between 2030 and 5, Michelin plans to realize 20% to 30% of sales from non-tire businesses.

At the vision meeting held with the participation of Michelin Group CEO Florent Menegaux, General Manager and CFO Yves Chapot and Group Executive Committee members, Michelin's 2030 “Fully Sustainable” strategy plan “Michelin In Motion” was announced.

"We are entering an assertive growth dynamics for the next 10 years"

Florent Menegaux, CEO of the Michelin Group, said: “With this new Michelin In Motion strategic plan, the Group is entering an ambitious growth dynamic for the next decade. I am confident that through our team's involvement and capacity to innovate, we will be able to achieve a harmonious balance of sustainable business performance, ongoing employee development, and our commitment to our planet and host communities. While the group remains true to its DNA, it will have changed significantly by 2030 with the development of new, high-value-added businesses, both in similar markets and beyond. It is this constant self-renewal ability that underlies Michelin's power for more than 130 years and allows us to look to the future with confidence.

General Manager and CFO Yves Chapot; “Despite the current crisis and the still uncertain economic environment, Michelin has proven the soundness of its foundations and the validity of its business model. This new Michelin In Motion strategic plan will provide the Group with new growth opportunities and reduce the impact of major negative external factors. Michelin will continue to develop its tire operations while integrating new businesses with a focus on continuing with a solid balance sheet and substantial profits ”.

2023 Billion Euro turnover in target 24,5

Aiming to increase its total sales to 2023 Billion Euros in 24,5, Michelin; It plans to save 2020 million euros annually with the efficiency it will provide in the industrial field between 2023-80, free from inflation.

"It will continue to invest and bring innovation"

In line with the announced strategy plan, Michelin; It will continue to grow, invest and innovate its tire businesses. Post-COVID mobility trends and the rapidly increasing growth of the electric vehicle market bring tangible growth opportunities for the Group, which has achieved an unrivaled technology leadership in the design and manufacture of tires specially developed for electric vehicles. In the road transport segment, the Group focuses specifically on value creation; It aims to maintain its position as a leading company by investing in the diversification of its products and services in Mining, Heavy Equipment, Agriculture, Aviation and other special product group tires.

"Target growth areas"

Around and beyond the Michelin tire, thanks to its innovation capacity and material expertise; Services & Solutions is also planning to achieve strong growth in areas such as flexible composites, medical devices, metal 3D printing and Hydrogen mobility. In the field of Services and Solutions, Michelin plans to expand and deepen its fleet solutions portfolio, especially by taking advantage of the value of smart objects and the data it collects. , caps etc.) is aiming for a serious level of growth. Michein, which has developed a unique expertise with Fives and AddUp to market a comprehensive product range of custom made solutions for manufacturers in the field of metal 3D printing, anticipates a growth opportunity in the field of medical devices for the coming years. In the field of hydrogen mobility, Michelin aspires to become a world leader in hydrogen fuel cell systems through its joint venture with Faurecia, Symbio.

Michelin Group also; It promises to achieve carbon neutrality by 85 by achieving an employee loyalty rate of over 35 percent, increasing the proportion of female employees in management to 2050 percent, and reducing transportation-related emissions significantly. Aiming to ensure that tires are made with completely sustainable materials, the company aims to increase the rate of sustainable material usage to 2030% by 40.

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