Lack of snow means poor year-end sales for tire makers; conflict at Stomil

The snowless winter has caused major tire manufacturers to record poorer results in the last quarter of 2000, deepening the conflict between Michelin, the strategic investor in tire-maker Stomil Olsztyn, and minority shareholders in the company. According to Stomil Olsztyn management, the end-of-year downturn was caused by the low value of the euro, high interest rates and poor sales of winter tires as a result of lack of snow. Another problem was Stomils lax policy towards clients, tolerating severe delays in payments for tires shipped. Meanwhile, financial investors in Stomil believe that Michelin is acting against their interests and want an independent audit conducted in the company. The minority investors appointed a representative to the Stomil managing board a few months ago, but this person still has not been granted access to the companys documents. (Puls Biznesu, p.8, Rzeczpospolita, p.B3) T.J.