Michelin's Toul restructuring to cost Eur 130 million

ERJ staff report (DS)

Paris -- Michelin has told employees that the closure of the Toul plant in 2009 and related restructuring costs are expected to amount to EUR 130 million approximately.

Michelin said this sum includes project severance and plant and equipment depreciation costs as well as those in connection with the reindustrialisation of the Toul site and the revitalisation of the employment area. These non-recurring charges will be fully allocated to Group accounts for fiscal 2007.

Michelin said it will be in a position to communicate the amount of its industrial reorganization expenses for Spain in the next few days.

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Press release from Michelin