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1/6, 9:31 AM (Source: TeleTrader)
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Michelin launches new strategy, will cut 2,300 jobs

Michelin announced on Wednesday a "reinforced simplification and competitiveness plan" aimed at boosting the company's performance.

The new strategy includes reducing positions by up to 2,300 jobs in the next three years. The separations will be based on voluntary early retirement or severance.

"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," Michelin said in the statement.

Breaking the News / MD