Michelin: simplification and competitiveness plan in France

(CercleFinance.com) - Michelin announces that it will " launch a reinforced simplification and competitiveness plan to significantly improve the agility and overall performance of its manufacturing and corporate and administrative operations in France".


"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 plan does not rely on plant closures," the tyre-maker says.
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This could mean up to 2,300 layoffs in the next three years. Almost 60% of the planned departures would be based on early retirement and the rest on accompanied voluntary departures.

The share is up slightly in early trading on Wednesday.


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