French tyre manufacturer Michelin has posted a sharp rise in third-quarter sales following increased demand in key markets.
The firm has announced that revenue for the three months ending September 30th reached 5.14 billion euros (£4.42 billion), a rise of 11 per cent compared to the 4.65 billion euros it posted during the same period last year.
Revenue generated from passenger-car and light-truck tyre sales rose 5.9 per cent to 2.66 billion euros in the quarter, while sales of heavy truck tyres surged 13 per cent to 1.7 billion euros.
Furthermore, sales for the first nine months of 2011 increased 17 per cent to 15.25 billion euros.
Following the positive report, Michelin reiterated its full-year sales forecast, with the firm expecting sales to increase eight per cent.
Michelin, which employs 111,000 people across the world, is planning to expand its operations in emerging markets by creating a new venture in China with Double Coin Holdings and Shanghai Huayi Group.
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Posted by Danielle Barge