Michelin Restructuring Program Could Save 150 million euros Annually

Restructuring charges are estimated at a maximum of 200 million euros to be accounted for in the first half of 2009 of which half will be paid for in cash and the other half as assets write offs.

In an investor’s note published today, the financial analysts explained that while the company’s complex statement appears to have been designed to avoid to much clamour after Continental and Goodyear’s recent difficult plant closures, “it looks like they aren’t doing much.”

The bank’s take on the situation is that “some plants will be downsized, and the restructuring program involves 1,100 people on top of a pre-retirement program of 1,300 people. Thus, when normal attrition is included, approximately 3,000 people will leave the group by the next 18 months out of a French workforce of 25,000…of which 12,000 in production.” (Tyres & Accessories/Staffordshire, U.K.)

GRI recently conducted programs in Sri Lanka to empower women and motivate children under its Green x Circle initiative. The company said these endeavors aimed to address the needs of the community, focusing on both women empowerment and youth motivation.

GRI recently organized a training program titled "Management of household finance under current economic conditions" at the Ingiriya Rubber Collecting Center in Sri Lanka, South Asia led by Shashika Nimali, an NLP practitioner and life coach. The company said this initiative provided women in the industry with essential skills and knowledge to effectively manage household finances. GRI's tailored training sessions equipped participants with tools for informed decision-making, ultimately fostering greater financial security and independence, the company said.