Michelin ‘significantly’ cuts tyre production

ERJ staff report (TB)

Clermont-Ferrand, France — Group Michelin said it has “cut back significantly” 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 “taking the necessary steps” to manage inventory and maintain flexibility into 2009.


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