Michelin to cut 1,093 jobs, will invest $139 million in R&D

Michelin Man

It seems like GM and Chrysler aren’t the only ones restructuring. French tire manufacturer Michelin said Wednesday that it will cut 1,093 jobs on a voluntary basis as a part of its restructuring efforts to cope with falling demand from automakers.

The tire maker said that it will invest more than 100 million euros ($139 million) at its Clermont-Ferrand research and development center. It will also hire around 500 people over the next three years.

Michelin has already announced plant closures in France and Germany.

Rival Goodyear also cut 5,000 jobs earlier this year.

– By: Omar Rana

Source: Reuters