ERJ staff report (TB)
Clermont-Ferrand, France — Group Michelin said it has â€œcut back significantlyâ€ on operations at most of its plants worldwide because of the continuing global recession.
Michelin said November brought a sharper month-on-month decline in demand for tyres in European, North American, Asian and South American markets.
Michelin said the move will result in costs of about Euro 150 million from under-utilisation of capacity. The tyre maker further said it is â€œtaking the necessary stepsâ€ to manage inventory and maintain flexibility into 2009.