Michelin to cut up to 2,300 jobs over three years By Reuters

2/2
© Reuters. FILE PHOTO: Michelin tyre’s factory restarts production in its plant in Cholet

2/2

PARIS (Reuters) -French tyre maker Michelin (PA:) said on Wednesday it would cut up to 2,300 jobs over three years as part of a new simplification and competitiveness plan in France, adding this would not involve layoffs nor plant closures.

Michelin’s share price was up 0.7% shortly after the stock market open, outperforming a 0.15% rise in Paris’ .

The job cuts equate to almost 2% of its global workforce.

The COVID-19 pandemic has hammered the auto industry, which was already struggling with the shift to electric vehicles from diesel and gasoline cars.

“The plan is part of a broad co-construction and social dialogue approach and will rely on negotiating a three-year framework agreement that will not entail any layoffs”, the group said in a statement.

“The plan does not rely on plant closures”, it added.

Michelin said the measures would affect up to 1,100 positions in offices and 1,200 positions in plants, stressing nearly 60% of the job reductions would be based on voluntary early retirement schemes.

The company, which employs more than 127,000 worldwide, also said it remained committed to locating “high value-added businesses in France”, saying its “ambitious expansion strategy in hydrogen solutions” was an illustration of this.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


*