May 15, 2002
62 percent of Michelin Canada employees subscribe to company shareholding plan
Greenville, South Carolina – Between April 11 and April 30, 2002, more than 62 percent of Michelin Canada’s employees chose to participate in the company’s new employee shareholding plan. The plan was offered to 100,000 employees in 16 countries in Europe, North America, South America, Africa and Asia. In China, where a specific bonus plan was offered, 93 percent of employees participated.
For this first phase of the shareholding plan, more than 1,630,000 shares were requested, which represents 25 percent more than the number offered (1,300,000 shares were offered). Thus, in average, each subscriber requested 27 shares, well above the 20 shares for which the company provided a matching contribution.
Edouard Michelin, Michelin Group CEO, expressed his satisfaction with the success of the plan. “We are gratified by this success and are very pleased by the response of employees to the offer put forward to them. New employee shareholders, numbering 60,500 worldwide, is strong proof of the cohesion and commitment of Michelin teams.”
“The response of employees shows that Michelin women and men are strongly attached to their company,” added Fran