Michelin restructuring in Spain to cost Euro 143 million

ERJ staff report (DS)

Paris -- Michelin said its previously-announced restructuring operations in Spain are expected to cost around EUR 143 million

On October 3, 2007 Michelin presented to the bodies representing its employees in Spain a project concerning the modernisation and reorganisation of production designed to improve the competitiveness of its Spanish plants.

Michelin added, "Beyond the costs linked to the specialization of the site of Lasarte, most of this amount will finance early retirement schemes. These non-recurring charges will be fully allocated to Group accounts for fiscal 2007."

This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.

Press release from Michelin