Michelin To cut production at factory in Nova Scotia; will take a provision of CAD87M
- Given declining demand for small-size car tires in North America, Michelin today announced its plans to reduce production at its Pictou County Nova Scotia car and light truck tire plant over the next 18 months, between now and June 30, 2015.
- Michelin also announces that it will invest CAD 66.5M to strengthen manufacturing resources in its three Canadian plants.
- Michelin is pursuing its operations at the Pictou County site and continuing to invest in Nova Scotia
- To finance the project, the Michelin Group will book a provision of CAD87M in non-recurring expenses in its first-half 2014 accounts.