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BREAKING NEWS

Michelin to close Bamberg, Germany plant by early 2021

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PARIS (Reuters) – France’s Michelin <MICP.PA> is planning to close its Bamburg plant in Germany by early 2021, it said in a statement on Wednesday.

The company will record a provision of around 167 million euros ($183.42 million) in its 2019 accounts to fund the move, it said.

Michelin said it will implement a support programme for each of the factory’s 858 employees. Negotiations with labour organisations will take place to define how these measures will be implemented, it added.

(Reporting by GV De Clercq; Editing by Jan Harvey)

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