March 18, 2020 / 5:37 PM / 11 days ago

BRIEF-Michelin Announces Measures Due To Coronavirus

March 18 (Reuters) - Compagnie Generale des Etablissements Michelin SCA:

* MICHELIN:COVID-19 HEALTH CRISIS: THE MICHELIN GROUP IS RESPONDING TO PREVAILING MARKET CONDITIONS AND DEPLOYING THE MEASURES REQUIRED TO ATTENUATE THE IMPACT OF THIS SYSTEMIC CRISIS

* ON CORONAVIRUS: HAS SOURCES OF FINANCING IN PLACE TO DEAL WITH UNCERTAINTY SURROUNDING CRISIS

* ON CORONAVIRUS: GROUP IS TAKING ALL THE MEASURES REQUIRED TO SAFEGUARD THE HEALTH OF ITS EMPLOYEES, IN CLOSE COOPERATION WITH LOCAL AUTHORITIES IN EVERY HOST COUNTRY

* ON CORONAVIRUS: GROUP’S 2020 GUIDANCE IS NO LONGER RELEVANT, WITHOUT ANY POSSIBILITY AT PRESENT OF ASSESSING POTENTIAL IMPACT

* TAKING ALL OF INITIATIVES REQUIRED TO ATTENUATE AS MUCH AS POSSIBLE NEGATIVE CONSEQUENCES OF CRISIS ON SEGMENT OPERATING INCOME AND FREE CASH FLOW

* TIRE MARKET DATA AS OF END-FEB 2020 SHOW INITIAL IMPACT OF COVID-19, WITH GLOBAL PASSENGER CAR AND LIGHT TRUCK TIRE MARKET DOWN 9% YEAR-ON-YEAR AND TRUCK TIRE MARKET DOWN 16%

* ON CORONAVIRUS: HAS DECIDED TO CLOSE, FOR AT LEAST ONE WEEK, ITS PRODUCTION FACILITIES LOCATED IN EUROPEAN COUNTRIES MOST AFFECTED SO FAR BY PANDEMIC

* TO UPDATE ITS ANNUAL TIRE MARKET FORECAST WHEN IT RELEASES ITS FIRST-QUARTER REVENUE FIGURES Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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