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Michelin vigilant as profits slump

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Michelin vigilant as profits slump

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French tyre manufacturer Michelin said it was extremely vigilant because of low market visibility and rising raw material prices.

The group has been hit by the slump in the automotive industry while restructuring costs hit last year’s net profit, which were down to 132 million euros from 360 million euros.

Michelin is proposing a 1 euro dividend to shareholders.