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Michelin cuts operations worldwide

(Greenville News) French tire maker Michelin Group said Monday it has cut operations “significantly” at most of its plants across the world in response to declining demand.

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As a result, the company said it expects to book special costs of $209 million in the fourth quarter.

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Michelin said in a statement from its world headquarters in Clermont-Ferrand, France, that the steps were necessary to manage inventories and maintain flexibility moving into 2009.

The company reported a sharper, month-over-month decline in tire demand in November in Europe, North America, Asia and South America.

Michelin’s North American headquarters is located in Greenville, and the company operates a string of plants around South Carolina.?So far, Michelin has not announced a major layoff in the state. The company has, however, extended normal shutdowns at plants in Greenville, Spartanburg and Lexington.?Michelin has also implemented eight-week temporary shutdowns at plants in Alabama, Indiana and Oklahoma. (Tire Review/Akron)

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