Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Michelin, the world's largest tyre company, has announced in work council that it is planning to cut between 1,700 and 3,000 French jobs before 2011. The group aims to cut its 25,000-strong French workforce through a combination of voluntary redundancy, internal reassignment, early retirement and non-replacement of retiring staff in the coming years to ensure its domestic sites remain competitive in the face of aggressive low-cost competition.
The crisis besetting the global car industry has forced Michelin to accelerate plans to consolidate several French factories into fewer sites. Michel Rollier, chief executive, said the group remained committed to maintaining a solid manufacturing base in France. 'We are not leaving the country,' he said. France would continue to be the group's "strategic hub and innovation centre".
The scale of the restructuring programme highlights problems facing Michelin and other tyre makers in one of the worst industry downturns in recent memory. Senior ministers said they were 'concerned' about the scale of job cuts, but Laurent Wauquiez, employment secretary, praised the group for 'putting everything on the table so things can go as smoothly as possible'. Michelin has been negotiating for the last six months with the Indian authorities to open a plant in southeastern India within the next three years, CEO Michel Rollier said.
The tyre maker employs 120,000 people worldwide. Michelin has however decided to close down three plants in Italy, Spain and the USA.
Eurofound (2009), Michelin, Internal restructuring in France, factsheet number 69127, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/69127.
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