Michelin Outlines Cost of Italy Restructuring Plans

Michelin has disclosed that the cost attached to the restructuring plans for its Italian operations, which it announced on October 28, will amount to approximately 80 million euros. The company states this sum includes project severance and plant and equipment depreciation costs as well as those in connection with the ending of tyre production at its Stura facility at the end of 2009 and an employment revitalisation programme for the surrounding Turin region.

These non-recurring charges, adds Michelin, will be fully allocated to Michelin Group accounts for the 2008 fiscal year.