GREENVILLE, S.C. (Sept. 10)—Michelin North America Inc. has launched a restructuring plan aimed at cutting operating costs annually by $200 million in an effort to get leaner and more competitive. The plan, which goes into effect immediately, includes cutting its work force by about 2,000 by the end of 2003. Michelin expects to make most of the reductions through voluntary programs that include a severance package and normal attrition, a spokeswoman said. The employee cutbacks will be spread throughout its North American plants, she said. Parent company Groupe Michelin said it will take a one-time charge against earnings of approximately $100 million in the second half of 2001 to cover the restructuring costs.
Michelin to cut 2,000 jobs
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