Why Michelin wants to diversify beyond tires

Posted on Apr 19, 2021, 5:00 PM

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Diversify “beyond the tire”. This is the object of the strategic plan called “Michelin in Motion”, which aims to grow the Bibendum brand through new activities. Those related to tires, which represent nearly 90% of turnover today, will be maintained, but on a part that would drop, depending on the scenario, to 70%.

Diversification is nothing new for the manufacturer. Over its 130 years of history, it has also manufactured planes, trains, cars and in particular created a worldwide phenomenon as much as a renewed bookstore success with its famous guide to gourmet restaurants. The company, despite its ups and downs, has remained one of the stars of the CAC 40 index since its creation in 1987.

Among the new areas of activity that Michelin wants to conquer are services, thanks to the collection of data from connected tires, flexible composites, the medical sector, metal 3D printing and hydrogen mobility. A bet on fields of the future which today represent only 7% of its income and which is coupled with a plan of 2,300 job cuts over three years.

The Story is a podcast of “Echoes”. This episode was recorded in April 2021. Editor in chief: Clémence Lemaistre. Guests: Stéphane Nicolas (responsible for the historical heritage of the Michelin manufacture) and Anne Feitz (journalist with “Echos”). Director: Willy Ganne. Music: Théo Boulenger. Graphic identity: Upian. Photo: SEBASTIEN SALOM GOMIS / SIPA. Sounds: M6, Michelin, Ina, Lagrangeamusic.

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