ML Michelin

By Olivia Bugault

Compagnie Generale des Etablissements Michelin (ML.FR) said Thursday that it plans to close its site in La Roche-Sur-Yon in Western France by the end of next year.

The French tire maker said that it will give its employees the opportunity to stay with the company in France.

"This project, which was supported by a 70 million-euro investment, did not produce the expected results due to the structural transformation of the premium truck tire market, both in Europe and overseas," Michelin says.

Michelin plans to launch a private-public project to transform the site with a focus on more sustainable activities. To this purpose, the company will record a provision of around 120 million euros ($131.7 million) in non-recurring expenses, it said.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

October 10, 2019 05:08 ET (09:08 GMT)

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