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Michelin pledges extra cost cuts after full-year profit decline

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Mr Senard said the competitiveness plan will also be accelerated, pledging 1.2 billion euros of savings in the 2012-2016 period, an increase of 200 million euros.

London

FRENCH tyre maker Michelin pledged on Tuesday to step up cost-cutting efforts after unveiling an 8.5 per cent profit decline for 2014 on sales that missed its own forecast.

Net income fell to 1.03 billion euros (S$1.6 billion) last year, Michelin said in a statement, as