17 June 2009 10:34 [Source: ICIS news]
LONDON (ICIS news)--French tyre maker Michelin will cut 1,093 jobs in a “voluntary separation plan” open to all employees, the company said on Wednesday.
Tyre makers have been hit by plummeting demand from the automotives industry amid the global economic downturn.
“The plan will enable nearly 495 of the 1,093 employees impacted by the reorganisation to take advantage of special early-retirement measures and the other 598 to benefit from internal placement opportunities,” the company said in a statement.
Michelin said it planned to hire around 500 people a year over the next three years to “refresh its age pyramid”.
Meanwhile, the company announced an investment of over €100m ($139m) in its R&D centre in ?xml:namespace>
The upgrade programme was designed to shorten time-to-market cycles for tyres and services, and enable the development of more innovative manufacturing processes, the company said.
($1 = €0.72)
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