Michelin to close two French plants amid waning market share
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 05 2024
0mins
Source: Reuters
Michelin Factory Closures: Michelin plans to close two factories in France by early 2026, affecting approximately 1,250 jobs, due to decreased demand and competition from cheaper Asian products. Labour unions are calling for strikes and negotiations to reconsider the closures.
Impact on Employees and Financials: The company will support affected employees with options like early retirement and job placement assistance, while also recording a provision of about 330 million euros in non-recurring expenses in its financial statements.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
