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