Michelin to close Budapest truck tyre factory
In response to volatility in the European truck tyre market, a segment that remains 23 per cent below its 2007 historic peak, this morning Michelin announced the planned closure of its truck tyre plant in Budapest, Hungary. Alongside such market factors, Michelin says the facility, acquired as part of its purchase of Taurus Rubber in 1996, is located in an urban area and cannot be further expanded; any other measures to improve its competitiveness would require what Michelin considers an “excessive” upgrade with new equipment. The closure will see the loss of 512 jobs.