Michelin to close two French plants in latest blow to Europe's auto sector
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 05 2024
0mins
Source: Reuters
Closure of Michelin Factories: Michelin plans to close two factories in France, affecting around 1,250 workers, due to high costs and competition from Asia, amidst challenges faced by the European automotive sector.
Response from Unions and Government: The announcement has sparked outrage among labor unions, prompting calls for strikes, while French officials express regret and emphasize the need for stronger protection of the automotive industry against foreign competition.
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.
