Don't miss

Replay


LATEST SHOWS

THE DEBATE

Turkey targeted: Islamic State Group blamed for Istanbul attack (part 1)

Read more

THE DEBATE

Turkey targeted: Terror attack coincides with foreign policy pivot (part 2)

Read more

THE INTERVIEW

" We have a lot that we can do together to make Middle East a better place"

Read more

FOCUS

Will Bolivia see a lithium boom?

Read more

MIDDLE EAST MATTERS

Child refugees: Inside Turkey's hidden sweatshops

Read more

ENCORE!

Film show: 'The Red Turtle', 'Camping 3' and 'The Balkan Trilogy'

Read more

FACE-OFF

After Brexit, is a Frexit possible?

Read more

BUSINESS DAILY

Vodafone warns it could move HQ out of UK

Read more

IN THE PAPERS

French people against a 'Frexit' referendum

Read more

Business

Michelin to shed 1,000 jobs in the US

Latest update : 2009-04-14

The US subsidiary of French tyre manufacturer Michelin has said it will shut a factory in Alabama by October 31, leaving 1,000 employees without a job. Production will be transferred to two other sites in the United States.

AFP - The US subsidiary of French tire maker Michelin said Monday it will shut a US plant in Alabama, where it employs 1,000 people, due to an "unprecedented" slump in demand.

Michelin North America said the closure of the plant in Opelika, Alabama, by October 31 was part of a restructuring plan for its manufacturing operations "in response to the unprecedented drop in market demand."

"The decision comes in the wake of the continuing economic crisis as consumers are driving fewer miles, purchasing fewer vehicles and delaying tire replacement purchases," the company said in a statement.

The Opelika plant produces passenger car tires under brands BFGoodrich and Uniroyal.

The company said it would provide separation pay and other benefits to the laid-off workers.

Michelin, like many other auto equipment suppliers, is reeling from an auto sales plunge amid prolonged recession that has pushed automakers General Motors and Chrysler into government aid to prevent their collapse.

Date created : 2009-04-14

COMMENT(S)