Michelin: to close Bamberg plant in Germany
(CercleFinance.com) - Michelin has announced its decision to shut down its Bamberg plant in Germany by early 2021.
The factory, which has 858 employees, mainly produces 16-inch premium tyres for passenger cars. This market segment is hit by both a sharp drop in global demand and fierce competition from Asian tyre makers.
Management said that it will offer each site employee a personalised approach, including the use of a transfer company, early retirement measures, as well as measures to support internal and external mobility.
To finance this closure, the Michelin group will book a provision of about 167 million euros in non-recurrent expenses in its consolidated financial statements at 31 December 2019.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The factory, which has 858 employees, mainly produces 16-inch premium tyres for passenger cars. This market segment is hit by both a sharp drop in global demand and fierce competition from Asian tyre makers.
Management said that it will offer each site employee a personalised approach, including the use of a transfer company, early retirement measures, as well as measures to support internal and external mobility.
To finance this closure, the Michelin group will book a provision of about 167 million euros in non-recurrent expenses in its consolidated financial statements at 31 December 2019.
Copyright (c) 2019 CercleFinance.com. All rights reserved.