Michelin is charting a new path until 2030

Michelin is charting a new path until 2030
Michelin is charting a new path until 2030
The Michelin group, firmly anchored in Clermont-Ferrand and in France but present all over the world, has built its global reputation around tires. While it already offers many other products and services, by 2030, Bibendum wants to remain the world leader in the field of mobility which will inevitably evolve in the post-Covid era, and accelerate in other growth poles. that it has already launched or identified. While confirming its “sustainable identity” and the permanent search for the right balance between employees, the environment and the benefits necessary for the survival of the company.

Extend the adventure

This is the dense message called “Michelin in motion” and delivered on the occasion of Investors’ Day, this Thursday, April 8, by videoconference, by the group’s executive committee meeting in full in Clermont-Ferrand, from President Florent Menegaux to the youngest Lorraine Frega (36), director strategy, appointed to the management team last January.
An ambition proclaimed loud and clear from a company of more than 130 years which looks resolutely towards the future, by relying on its strengths and its research and innovation capacities to extend the adventure well beyond the end of this decade.

Post-Covid mobility and tire activity

Aligning with future trends, industry 4.0, new services and solutions: these are the watchwords for the traditional activity of the group which aims to regain an overall turnover of € 24.5 billion in 2023 (€ 24 billion in 2019 and € 20 billion in 2020). As well as an operating margin for the sectors at 13.5% (12% on passenger-light truck tires, focusing on strong growth in electric vehicles, 10% on heavy goods vehicles, 17% on specialty tires). It is after this 2023 deadline – which should mark the full exit from the health crisis – that Michelin awaits the real take-off of these other activities.

Tires, but also hydrogen, composites, metal 3D printing and the medical sector

Photo Richard Brunel
Global competitiveness plan

To restore its margins and nurture its diversification ambitions, Michelin is forecasting competitiveness gains in its industrial activities of € 80 million per year by 2023, and € 125 million overall by 2025 on overheads, these gains being partly reinvested in the development of new activities.

New avenues of growth

Management has identified five ecosystems in which Michelin intends to take advantage of its capacity for innovation and its knowledge of materials: services and solutions (connected objects and data recovery), flexible composites (conveyors, belts, coated fabrics, seals , etc.), the medical sector (cell therapy, heart implants for example), metal 3D printing (for medical or aerospace, in particular), and hydrogen (production of fuel cells). This diversification strategy is based on the creation of joint ventures (this is the case with AddUp in 3D metal or Symbio for hydrogen), mergers and acquisitions and business incubations.
Michelin aims for overall business growth of 5% per year in the short term and for news to represent 20% and 30% of sales by 2030.

Michelin France announces the elimination of 530 jobs and the creation of 200 more in 2021

Employees, planet and profits

This is the triptych on which Michelin bases its fully sustainable strategy, as Florent Menegaux reminded us. Michelin wants to rely on its teams, claiming a commitment rate of 83.5% that it wants to increase to 85% in 2030, while continuing to make teams more feminine (35% targeted in 2030 against 28% in 2020) .Photo Richard Brunel
For the planet, the main ambition is to reduce CO2 emissions from production activities by 50% by 2030 (compared to 2010) and to achieve carbon neutrality by 2050.
About profits, the group announces its intention to distribute at least 50% of net income to shareholders from 2021 against at least 35% so far.

Florent Menegaux leads the way

“We have very strong ambitions, we know where we want to go and now we have a plan. By 2030, while remaining true to its DNA, the group’s profile will have changed significantly with the rise of new high value-added activities around and beyond tires. Michelin is a big company today and will continue to be ten years from now. ”

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Patrice Campo
[email protected]
Twitter : @patricelmt

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