Michelin will start European restructuring plan to shut down multiple factories
Recently, the world's leading tire manufacturer Michelin announced that the company will reduce its business in two markets, Europe and India.
Michelin factory and R&D center
It is understood that Michelin will start the European restructuring plan and prepare to close down a factory in Britain, Germany and Italy. This will allow it to undertake a 280 million euro (308 million US dollars) writedown; at the same time, Michelin will cancel its construction in India. The plans for the bulldozer tyre factory will make it bear the 75 million euros writedown.
It is reported that due to the financial crisis, the demand for tires in the European market has decreased. Since August 1, 2015, Michelin products have been raised in the European market to offset the increase in raw material costs caused by the exchange rate; while in the Indian market, Michelin is still At the level of 4 years ago.
Michelin has announced that it will suspend its giant tire production in Stahl in the United States and will continue until the end of 2015.
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