Michelin

What does Michelin own?
Michelin owns approximately 10 tire brands including Michelin, BFGoodrich, Uniroyal, Kleber, Tigar, Riken, Kormoran, and Camso. The company also operates the Michelin Guide restaurant rating system, ViaMichelin travel services, and a growing polymer composite solutions business that includes the recently acquired Cooley Group and Flexitallic.

Is Michelin publicly traded?
Yes, Michelin is publicly traded on Euronext Paris under the ticker symbol ML. The company operates as a French limited partnership with shares (société en commandite par actions), which means public shareholders hold economic interests while the managing general partner holds executive authority. This structure is unusual for a large public company.

Who founded Michelin?
Michelin was founded on May 28, 1889, by brothers André and Édouard Michelin in Clermont-Ferrand, France. The brothers took over their grandfather's rubber factory. Édouard developed the detachable pneumatic tire in 1891, and André handled marketing and commercial development.

Where is Michelin headquartered?
Michelin is headquartered in Clermont-Ferrand, Puy-de-Dôme, France. The company has maintained its corporate offices in Clermont-Ferrand since its founding in 1889. The city is located in the Auvergne region of central France and is home to Michelin's primary research and development center.

How many brands does Michelin own?
Michelin owns approximately 10 tire brands serving different price tiers and geographic markets. The flagship Michelin brand covers the premium segment, while BFGoodrich, Uniroyal, Kleber, Tigar, Riken, and Kormoran serve mid-range and value segments. The company also owns the Michelin Guide, ViaMichelin, and a polymer composites portfolio.

Who owns Michelin?
Michelin is owned by public shareholders who trade its shares on Euronext Paris. The Michelin family maintains a meaningful economic stake through holding companies but does not have a controlling interest. The company's governance structure gives executive authority to the managing general partner, currently Florent Menegaux, who is appointed by the supervisory board rather than directly by shareholders.

What is Michelin's revenue?
Michelin reported sales of EUR 26.0 billion in fiscal year 2025, down from EUR 27.2 billion in 2024. Segment operating income was EUR 2.7 billion with a 10.5% operating margin. In the first half of 2026, revenue was EUR 12.7 billion with segment operating income of EUR 1.45 billion and an improved 11.4% operating margin.

What is the Michelin Guide?
The Michelin Guide is a restaurant and hotel rating system first published by Michelin in 1900. It was originally a free guide for motorists containing maps, gas station locations, and hotel listings. The star rating system for restaurants was introduced in 1926 and expanded to three stars in 1933. The guide is now considered the most influential restaurant ranking in the world, with anonymous inspectors evaluating restaurants based on five criteria including quality of ingredients, mastery of technique, and consistency.

Michelin was founded on May 28, 1889, by brothers André and Édouard Michelin in Clermont-Ferrand, France. The brothers took over a rubber factory that had been established by their grandfather, Aristide Barbier, and a business partner in 1832. The original factory produced farm equipment seals and rubber balls. André, the older brother, was an engineer and artist who had trained as an architect. Édouard was the technical mind, an engineer who focused on manufacturing processes and product design.

The company's first major innovation came in 1891. Édouard developed a detachable pneumatic bicycle tire after a cyclist visited the factory to repair a flat. Before Michelin's design, pneumatic tires were glued to the rim, making repairs a multi-hour process. Michelin's detachable tire could be removed and replaced in minutes. Cyclist Charles Terront won the Paris-Brest-Paris race on Michelin tires that same year, providing immediate marketing validation.

In 1895, Michelin entered the Paris-Bordeaux-Paris road race with a car called the Éclair, equipped with pneumatic tires. It was the first car to use pneumatic tires in competition. The car did not win, but it proved that pneumatic tires could work on automobiles. In 1898, the company introduced the Bibendum mascot, commonly known as the Michelin Man, created from a sketch of a pile of tires. Bibendum is one of the oldest registered trademarks in the world still in active use.

Michelin published the first Michelin Guide in 1900. The guide was initially free and contained practical information for motorists: maps, tire repair instructions, gas station locations, and hotel listings. The restaurant rating system that made the Guide famous began in 1926 with the introduction of single stars, expanded to three stars in 1933, and has since become the most influential restaurant ranking in the world.

The company's most consequential invention was radial tire technology, patented in 1946. The first radial tire, the Michelin X, launched in 1949. Radial tires lasted longer, handled better, and improved fuel efficiency compared to the bias-ply tires that dominated the market. Michelin's patent gave the company a technological advantage for two decades. When the patent expired in the 1970s, competitors rushed to adopt radial technology, and Michelin had already established itself as the technology leader.

Michelin expanded into North America through the acquisition of Uniroyal Goodrich Tire Company in 1990. The deal cost approximately $1.5 billion and made Michelin the largest tire manufacturer in North America. The acquisition brought the BFGoodrich and Uniroyal brands into Michelin's portfolio. Michelin had previously established its first US manufacturing plant in Nova Scotia, Canada, in 1971, and its first US plant in Greenville, South Carolina, in 1975.

The company went through a difficult period in the early 1990s. Heavy losses from the Uniroyal Goodrich integration and a global recession pushed Michelin to the brink of a financial crisis. François Michelin, the grandson of co-founder Édouard, brought in Carlos Ghosn as a turnaround executive in 1989. Ghosn restructured operations, closed plants, and cut costs. The recovery was dramatic. By 1996, Michelin was profitable again. Ghosn left in 1996 to join Renault and later became CEO of Nissan, where he led another famous corporate turnaround.

Édouard Michelin (great-grandson of the co-founder) became managing general partner in 1999 and modernized the company's management approach. He died in a boating accident in May 2006 at age 42. Michel Rollier, a member of the founding family, took over as managing general partner and led the company until 2012, when Jean-Dominique Senard succeeded him. Senard later became chairman of Renault.

Florent Menegaux became managing general partner and CEO in 2019. Menegaux had joined Michelin in 1992 and held leadership positions in European passenger car tire operations before ascending to the top role. Under Menegaux, Michelin has pursued the "Michelin in Motion 2030" strategy, which targets growth in polymer composites, connected mobility services, and sustainable tire technologies.

In 2025, Michelin reported sales of EUR 26.0 billion, down from EUR 27.2 billion in 2024. Segment operating income was EUR 2.7 billion, representing a 10.5% operating margin. Net income fell 12% to EUR 1.7 billion. The decline reflected weak original equipment demand, unfavorable currency effects, and low capacity utilization at manufacturing plants. Despite the downturn, Michelin generated EUR 2.1 billion in free cash flow before M&A and reduced net debt to EUR 2.3 billion.

The company announced a EUR 2.0 billion share buyback program covering 2026 through 2028. In the first half of 2026, Michelin reported revenue of EUR 12.7 billion and segment operating income of EUR 1.45 billion, with operating margin improving to 11.4%. The company confirmed its full-year 2026 guidance of growth in segment operating income compared to 2025.

Michelin completed two significant acquisitions in early 2026. Cooley Group, a Rhode Island-based manufacturer of polymer-coated fabrics with 300 employees and $168 million in 2025 revenue, was acquired in January 2026 for an undisclosed sum. Flexitallic, a Houston-based sealing solutions company with 1,200 employees and approximately $220 million in 2025 revenue, was acquired in April 2026. Both deals were financed from available cash. A third acquisition, Tex Tech Industries of Maine, was announced and pending closure as of mid-2026. These three companies are expected to increase Michelin's Polymer Composite Solutions revenue by approximately 20%.

Michelin publishes an annual sustainability report aligned with its "Michelin in Motion 2030" strategy. The company has committed to reaching carbon neutrality for its Scope 1 and Scope 2 emissions by 2050, with an interim target of reducing CO2 emissions per ton of product by approximately 20% by 2030 compared to 2010 levels. Michelin has not committed to a net-zero target for Scope 3 emissions, which include the use phase of tires, though it cites low-rolling-resistance tire design as a contribution to reducing vehicle emissions.

The company is a member of the Global Platform for Sustainable Natural Rubber (GPSNR) and has committed to sourcing 100% sustainable natural rubber by 2030. Michelin's natural rubber supply chain has been subject to scrutiny regarding deforestation and labor practices in Southeast Asian plantations. The company has published traceability data for its natural rubber supply chain since 2022.

Michelin is developing a tire made from 100% sustainable materials, targeting commercial availability by 2025 to 2030. The company has produced prototype tires using recycled PET, recovered carbon black, and bio-sourced butadiene. Mass-market deployment depends on scaling supply chains for these alternative materials.

The company has not faced significant regulatory action or credible criticism for greenwashing. Michelin's sustainability claims are generally grounded in specific product-level data, such as rolling resistance coefficients and mileage warranties, rather than vague corporate-level statements. Michelin is not a Certified B Corporation.

Michelin has faced limited regulatory action compared to peers in the automotive sector. The company was involved in a 2022 European Commission investigation into tire labeling compliance, along with Continental and Goodyear. The investigation examined whether tire manufacturers had provided accurate rolling resistance and wet grip data on EU tire labels. The case was resolved in 2023 with no fines imposed on Michelin, though the company updated its labeling procedures.

In 2023, Michelin reached a $40 million settlement in a US class action lawsuit alleging that certain Michelin tires sold between 2016 and 2020 were defective and prone to tread separation. The settlement covered approximately 800,000 tires and included an extended warranty program. Michelin did not admit liability.

The company faced labor disputes in France in 2023 and 2024 over restructuring plans that involved closing or downsizing several manufacturing facilities. The closures affected plants in Champagnole and Vitré. French unions representing Michelin workers organized strikes and protests. Michelin attributed the closures to overcapacity in European tire manufacturing and declining demand for certain product categories. The restructuring was completed in 2025 with approximately 1,300 job reductions, primarily through voluntary departures and early retirement programs.

Michelin's natural rubber supply chain has drawn criticism from environmental groups regarding deforestation in Indonesia and Cambodia. The company responded by publishing supplier traceability data and joining the GPSNR. No regulatory action has been taken against Michelin regarding natural rubber sourcing.