(CercleFinance.com) – Michelin announces its intention to gradually end its tire production activities in Ardmore, in the United States. This gradual reduction affects around 1,400 people on this site which has been producing tires for passenger vehicles since 1970.
‘This decision is linked to transformations in the North American market; the site is not equipped to produce tires at competitive costs to meet changing demand, explains the French group.
The phase-out is expected to be completed by the end of 2025. The tire manufacturer will therefore record a provision of around 200 million euros in non-recurring charges in its consolidated financial results for the 2023 financial year.
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