“No U-Turn On Job Cuts”, says Edouard Michelin

Edouard Michelin has confirmed that Michelin will go ahead with plans to reduce its European workforce by 10%, referring to the initiative as “not just a cost-cutting plan or headcount reduction. It is a productivity plan that has an upside of speeding up growth. In the same interview, Edouard Michelin said that tyre industry consolidation was not at an end.

Michelin, he said, will eventually have to make “some kind of link, alliance, or even acquisition” in Asia. He also suggested that medium-sized tyre companies will “either merge or join the club of the large companies”..