Word: micheline
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...admitted it may need to sell the auto division. The Norse force Norway's largest bank, Den Norske Banke, agreed to buy the country's top insurer, Storebrand, for $1.96 billion in cash and stock. The deal should help fend off foreign predators. Pump up the margins France's Michelin will sever ties with the European arm of General Motors in order to focus on higher-margin markets. GM accounts for about 5% of Michelin's worldwide revenue. INDICATORS Drink that cigarette Californians took smoking out of their bars and restaurants, but now they're putting it in their water...
...Against his father's advice, he also negotiated the implementation of France's 35-hour workweek with unions and employees. Between working, driving his five daughters to school and following auto racing, Edouard takes the time to explain how the 1999 restructuring plan and shift in sales strategy allowed Michelin to survive a globally grim 2001 and report earnings of ?314 million on sales of ?15.77 billion. Such collective efforts to remain profitable and attentive to quality are what inspired the share offering to staffers. "It's an opportunity," he says, "for employees to be rewarded beyond a simple paycheck...
TIME: What role did the 1999 controversy over the layoff announcement play in this? MICHELIN: It made clear we needed to communicate better what we're about. Some companies state that their only objectives are profitability and better shareholder returns. We think that's incompatible with responsible long-term management...
TIME: Why is this new for Michelin? MICHELIN: A certain level of shareholder dissatisfaction had arisen over our communication policies...
TIME: The new approach is a complete contrast to your father's style. . MICHELIN: It has been a very gradual transition. It's the very opposite of a rupture or revolution and in no way alters our focus on quality, research and development and the long-term management of the company dedicated to customers and workers. I inherited those qualities from my father. They're part of the genetic makeup of the company. Read a longer version of this interview on TIMEeurope.com