MANILA, Philippines (Jan. 22)—MSF Tire & Rubber Inc., an affiliate of Groupe Michelin, has ceased manufacturing at its plant in the Panaque City area of Manila and will liquidate most assets in the coming weeks. The decision to close was based on the cumulative effect of "substantial financial losses" over several years and a highly competitive local market suffering the effects of rising low cost imported tires, the company said. The closing impacts 750 employees, MSF said, all of whom will be offered a severance package that exceeds legal minimum requirements. Michelin acquired a stake in the company in 1995 via its Michelin Siam Group venture in Thailand. At last report, the facility produced 1 million car, light truck, medium truck and farm tires a year.
MSF ceases production in Manila
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