CLERMONT-FERRAND, France (Dec. 23, 2008) — Michelin has reduced operations significantly at most of its tire plants worldwide because of the continuing global recession.
Michelin said November brought a sharper month-on-month decline in demand for tires in European, North American, Asian and South American markets.
Michelin said the move will result in costs of about $209 million from under-utilization of capacity. The tire maker further said it is taking steps to manage inventory and maintain flexibility into 2009.