Key Developments: Compagnie Generale des Etablissements Michelin SCA (MGDDF.PK)
93.20USD
18 Jun 2013
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Latest Key Developments (Source: Significant Developments)
Compagnie Generale des Etablissements Michelin SCA and Petrokimia Butadiene Indonesia PT Sign Joint Venture Agreement for Synthetic Rubber Production
Compagnie Generale des Etablissements Michelin SCA (Michelin) announced that it has signed with Petrokimia Butadiene Indonesia PT (PBI), a wholly-owned subsidiary of PT Chandra Asri Petrochemical Tbk (CAP), a joint venture agreement for Synthetic Rubber production. The new company will be owned 55% by Michelin and 45% by PBI. The total Investment is estimated at USD 435 million. Pending final investment decision, plant construction is expected to commence in early 2015 with completion and start-up targeted for the beginning of 2017. Full Article
Compagnie Generale des Etablissements Michelin SCA Michelin to Discontinue Production at its Icollantas Subsidiary in Colombia
Compagnie Generale des Etablissements Michelin SCA announced that it has decided to discontinue the manufacturing operations of its local subsidiary Icollantas. Due to its insufficient size and other local economic factors, the unit has never managed to be competitive. Production operations at the Chusaca truck tire plant, which employs around 220 people, and at the Cali plant, which makes Michelin passenger car tires and BF Goodrich tires with a workforce of around 240 people, will be shut down in the summer of 2013. In accordance with Colombian law, a notice of intent has been filed with government authorities. Michelin is offering personalized socio-economic support to the 460 people concerned to help them find a new job. Full Article
Compagnie Generale des Etablissements Michelin SCA Announces Reorganization of Truck Tire Production
Compagnie Generale des Etablissements Michelin SCA announced that it is to regroup its production of heavy truck tires at its La Roche-sur-Yon site. The Joue-les-Tours site will cease to produce truck tires, and will instead focus on semi-finished products. The Company's truck tire factory in Algeria will cease production. Of the 930 people currently employed at the Joue-les-Tours plant, around 200 will continue to work at the new facility specialized in semi-finished products. Of the 730 others, 250 could have pre-retirement programs, while each of the 480 remaining persons will be offered two positions corresponding to his or her qualifications at another Michelin plant in France. For employees unable or unwilling to relocate, career transition workshops will be set up. The production and marketing of Michelin truck tires in Algeria will be sold to Cevital. Cevital will initially acquire 67% of the local subsidiary's capital, before buying out the remaining shares in a second phase. Production at the Algerian plant, which is too small to be sufficiently competitive and whose urban location prohibits any future expansion, will be discontinued in late 2013. Full Article
Compagnie Generale des Etablissements Michelin SCA's Shareholders Approve FY 2012 Dividend with Reinvestment Option
Compagnie Generale des Etablissements Michelin SCA announced that its shareholders at the Joint annual Meeting approved the payment of a 2012 dividend of EUR2.40 a share, with a reinvestment option. The price of the new shares issued to shareholders electing to reinvest their dividend was set at EUR 55.67 representing 90% of the average opening prices on the NYSE Euronext Paris stock exchange over the twenty trading days preceding the date of the Meeting, less the amount of the dividend. The issued shares will carry dividend rights from January 1, 2013 and rank pari passu with existing shares. The ex-dividend date is May 24. The reinvestment option may be exercised from May 24, 2013 until midnight June 11, 2013. After that date or if the shareholder elects not to reinvest, the dividend will be paid in cash. If the amount of the reinvested dividends does not correspond to a whole number of shares, the shareholder will receive the next lower number of shares and the balance in cash. The dividend will be paid or the shares settled beginning on June 24, 2013. The new Michelin shares will begin trading in Compartment A of the NYSE Euronext Paris exchange on June 24, on the same line as existing shares. Full Article
Compagnie Generale des Etablissements Michelin SCA Appoints Mr. Michel Rollier Chairman of the Supervisory Board
Compagnie Generale des Etablissements Michelin SCA announced that Mr. Michel Rollier has been appointed to the position of Chairmen of the Supervisory Board. Full Article
Compagnie Generale des Etablissements Michelin SCA Confirms FY 2013 Operating Income Guidance
Compagnie Generale des Etablissements Michelin SCA announced that it has confirmed its full year 2013 objective, when it expects to report stable operating income before non-recurring items. In full year 2012, the Company reported an operating income before non-recurring items of EUR 2,423 million. According to I/B/E/S Estimates, analysts on average are expecting the Company to report full year 2013 operating income of EUR 2,473.5 million. Full Article
Compagnie Generale des Etablissements Michelin SCA Launches Six New Tires
Compagnie Generale des Etablissements Michelin SCA announced that it has brought to market six new tires: MICHELIN Power SuperSport for sporty bikes used on road or track, MICHELIN Pilot Power 3 for sporty roads and sporty motorcycles used mainly on the road, MICHELIN Anakee III for big trail bikes used mainly on roads, MICHELIN Anakee Wild for big trail bikes used both on- and off-road, MICHELIN Pilot Street Radial for small and medium-size motorcycles used every day and MICHELIN Pilot Street for small utility bikes. Full Article
Compagnie Generale des Etablissements Michelin SCA Announces that Its Tires Are Standard on the 2014 Chevrolet Corvette Stingray Convertible
Compagnie Generale des Etablissements Michelin SCA announced that it is the exclusive tire supplier for the 2014 Chevrolet Corvette Stingray. Financial terms were not disclosed. Full Article
Compagnie Generale des Etablissements Michelin SCA Launches Tires Specifically Designed for PSA Peugeot Citroen’s Hybrid Air Powertrain
Compagnie Generale des Etablissements Michelin SCA announced that it is launching tires specifically designed for PSA Peugeot Citroen’s Hybrid Air Powertrain. The tires have new dimensions (165/50 R18). They are narrower and wider and designed to improve energy efficiency. Full Article
Compagnie Generale des Etablissements Michelin SCA Supplies Tires for Mercedes-Benz SLS AMG Coupe Black Series
Compagnie Generale des Etablissements Michelin SCA announced that the new Mercedes-Benz SLS AMG Coupe Black Series cars will be fitted with the new Michelin Pilot Sport Cup 2 tires. Financial terms were not disclosed. Full Article
Michelin for the masses: Japan's standing restaurants head for New York
TOKYO - Japan's popular standing restaurants, where patrons eat food by former Michelin restaurant chefs for a fraction of the cost at a seated-restaurant, are about to hit New York.
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