April 4, 2019 / 7:50 AM / 3 months ago

Michelin eyeing growth for key businesses in a market that remains tough

PARIS, April 4 (Reuters) - French tires company Michelin pledged growth in several of its key business areas in order to counter challenges from a tough market environment.

“Very competitive environment forcing operational excellence and digitalization,” Michelin said in slides on its website, to accompany an investor presentation in Spain on Thursday.

The company said it would look to leverage its expertise in the high performance materials part of its market, while also developing more niche businesses, such as its Michelin Guides for hotels and restaurants, and the ‘Tablet’ online travel agency it bought in 2018.

In February, Michelin reported better-than-expected annual results, with its recurring operating profit for 2018 having risen by 1.2 percent to 2.78 billion euros ($3.1 billion).

Michelin shares were down 0.7 percent by 0745 GMT.

$1 = 0.8894 euros Reporting by Gilles Guillaume; Editing by Sudip Kar-Gupta

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