Michelin to Close Site in Western France
October 10 2019 - 5:23AM
Dow Jones News
By Olivia Bugault
Compagnie Generale des Etablissements Michelin (ML.FR) said
Thursday that it plans to close its site in La Roche-Sur-Yon in
Western France by the end of next year.
The French tire maker said that it will give its employees the
opportunity to stay with the company in France.
"This project, which was supported by a 70 million-euro
investment, did not produce the expected results due to the
structural transformation of the premium truck tire market, both in
Europe and overseas," Michelin says.
Michelin plans to launch a private-public project to transform
the site with a focus on more sustainable activities. To this
purpose, the company will record a provision of around 120 million
euros ($131.7 million) in non-recurring expenses, it said.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
October 10, 2019 05:08 ET (09:08 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Michelin (EU:ML)
Historical Stock Chart
From Mar 2024 to Apr 2024
Michelin (EU:ML)
Historical Stock Chart
From Apr 2023 to Apr 2024
