Michelin invests 1 billion euros in new plants in China in 2012

The French tire group Michelin recorded a record profit of 1.69 billion euros in its main business in 2010, a four-fold increase over 2009. Net profit exceeded 1 billion euros, compared with only 104 million euros in 2009. Last year due to the increase in group capital, its own capital-liability ratio fell from 53% to 20% within one year. The person in charge of the group said on Friday that due to the development of the above-mentioned results, the business growth of Michelin will be guaranteed in the next 10 years.
The report said that the Michelin Group plans to increase its business volume by at least 6.5% in 2011, and its main business will continue to increase, and further strengthen investment. Michelin will invest 1 billion euros in China to build a new plant in mid-2012; the same year, it will complete the inauguration ceremony for two plants in India and Brazil.

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