Michelin, a world-class tire manufacturer, recently appointed Jean-Dominique Senard as the new CEO. Sunard announced that it will acquire low-cost Asian competitors to seek regional expansion.

"In order to achieve global growth, we cannot ignore the Asian market." Sunard said in an interview, "If we need action, then we cannot have too much concern."

Sunard was the successor to Michel Rollier, the former Michelin CEO. Michelin announced that Sunard's contract will last for 4 years and can be re-elected on the advice of the board of supervisors. This move breaks the Michelin CEO lifelong tradition.

Michelin financed 1.2 billion euros in September 2010 to support its factory investment expansion plans in India, Brazil and China. Michelin plans to expand its plant to meet the average 9% increase in tire sales in emerging markets.

Although the increase in raw material prices will offset the profit of 1.5 billion euros, and the increase in tire sales will be reduced from 13% in 2010 to 6.5%, Michelin expects the 2011 EBIT to increase. In 2010, Michelin’s operating profit doubled to 1.7 billion euros.

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