Michelin may buy a budget tyre brand - CEO on French radio

Hankook Tire & Technology

08/10/2014 19:45

PARIS, Oct 8 (Reuters) - Michelin  MICP.PA  may buy a brand 
of budget range tyres to complete its portfolio of chiefly 
premium products, the group's chief executive told France Info 
radio on Wednesday. 
    The French tyremaker already owns cheaper brands including 
BF Goodrich, Kleber and Uniroyal. Building an entry-level offer 
could help it retain customers amid tough competition from 
rivals such as Bridgestone  5108.T , Goodyear  GT.O  and South 
Korea's Hankook Tire Co  161390.KS . 
    Asked if Michelin could add a new entry-level brand to its 
portfolio, CEO Jean-Dominique Senard said: "Yes, maybe, if the 
opportunity arises. Maybe in Asia, someday, we'll find a soul 
mate," he added, without elaborating. 
    However, he stressed that the group would remain primarily 
focused on producing high-end tyres. 
    "Michelin is a premium group and will remain so. We will be 
the main player in high-tech tyres in the years ahead, there is 
no doubt about that," he said. 
     
 
 (Reporting by Natalie Huet and Gwenaelle Barzic, editing by 
David Evans) 
 ((natalie.huet@thomsonreuters.com; +33)(0)(1 49 49 52 26; 
Reuters Messaging: natalie.huet.thomsonreuters.com@reuters.net)) 
 
Keywords: MICHELIN M&A/