Michelin to restructure global industrial, service operations
CLERMONT-FERRAND, France—Michelin has announced a series of decisions to restructure its industrial and service activities in Clermont-Ferrand, with the aim of strengthening the group's decision-making center.
The French tire maker will close its Clermont-Ferrand-based truck retreading work-shop on the Combaude site without any compulsory redundancies by the end of 2017, it said March 1. The 330 employees in the workshop, including the 266 production operators, will be redeployed to other industrial sites in the area.
Michelin also said it intended to consolidate the positioning of its Clermont-Ferrand sites with activities that have high technological content and high added value by investing $97.6 million to finance equipment and advance processes on its sites in Cataroux, Combaude and Gravanches.
The French tire maker also will reorganize its engineering group, which employs 2,400 worldwide, including 1,100 in France and 970 in Clermont-Ferrand. The reorganization will result in 164 job cuts by the end of 2018, all based in Clermont-Ferrand, but without any compulsory redundancies, Michelin said. To finance these restructuring projects, Michelin will enter a provision of about $60 million in non-recurring expenses in its accounts to June 30.
MIDLAND, Mich.—Dow Chemical Co. has reached a settlement in the urethanes class action litigation for $835 million in the face of a changing U.S. Supreme Court.
The case, originally brought by a number of customers between 13 and 16 years ago, claimed the U.S. chemicals giant fixed the price of polyether polyols.
Dow said the agreement depended on the Supreme Court agreeing to postpone an action Dow had brought, asking it to look at the decision taken by the District Court in Kansas to hand down a $1.1 billion fine.
The case has been in progress for many years, with Dow losing and appealing in a number of lower courts, most recently the appeals court for the 10th Circuit based in Colorado.