Michelin winds down tire production at Ardmore, cuts 1,400 jobs
Reuters
Published Oct 26, 2023 18:25
(Reuters) - French tire maker Michelin (EPA:MICP) said on Thursday it intends to wind down tire production at its Ardmore site in Oklahoma in 2025, which will result in the loss of 1,400 jobs.
The decision to wind down tire-making operations at Ardmore was made as the plant is not equipped to deliver tires at competitive costs.
The first wave of staffing reductions at the Ardmore plant, which has produced passenger tires since 1970, is expected to occur mid-2024, with the rest of the job cuts occurring in phases through 2025 as operations taper.
Tire production will gradually shift to its other passenger-tire plants in North America, while rubber-mixing operations at the Ardmore factory are expected to continue, the company popularly known for its namesake travel guides said.
Michelin raised its forecast earlier this week for full-year free cash flow before acquisitions to 2.3 billion euros ($2.4 billion), from 2 billion euros, citing lower volume and costs.
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Written By: Reuters
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