French Auto Suppliers Post Profit Drop on Pricing Pressure

Michelin & Cie and Faurecia SA reported a drop of more than 10 percent in first-half profit as automakers pushed prices lower on slumping demand in Europe.

Michelin, Europe’s largest tiremaker, said operating profit excluding one-time items declined 13 percent to 1.15 billion euros ($1.52 billion). Faurecia, the region’s biggest maker of car interiors, posted a 16 percent decrease in operating profit to 256 million euros.