Michelin to close three plants in Europe, it will dismiss 1500 people

(Photo: michelin.rs)

French tyre producer, Michelin announced on Tuesday, November 3, 2015 that in three years’ time it will shut down facilities in Europe which will result in 1500 job losses.

Michelin’s plants in Italian town, Fosano, and German Orangeburg will close by the end of 2016 and the plant in Northern Ireland until mid 2018, the company communicated and added that competition strengthening and economic crisis had negative effects at the European tyre market France presse.

Michelin also announced that in the current financial year, it will set aside EUR 280 m for covering facility shut down costs while other companies in Europe will take over production process in these facilities.

Michelin is among three biggest producers of tyres in the world after Bridgestone and Goodyear and employs 65.000 people in Europe with 40 production facilities.