Michelin to gain €46m a year from Dundee closure

London – Groupe Michelin expects to achieve £40 million (€46 million) annually in productivity gains through the closure of its Dundee, Scotland plant, scheduled for mid-2020.

In a 14-Nov presentation at a UBS conference in London, the French tire maker said the planned closure, would incur a £140-million non-recurring cost in 2018 and £50 million “cash outs” during 2019 and 2020.

Productivity gains would start with £20 million in 2020 and increase to an annual…

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