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Compagnie Générale des Etablissements Michelin
Legal Proceedings Report • Nov 28, 2023
1526_iss_2023-11-28_3177e02f-3c0a-4687-ab9a-bc2469bb7191.pdf
Legal Proceedings Report
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Clermont-Ferrand – November 28, 2023 – 12:45 pm
COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN
Michelin announces its decision to restructure operations in Germany
Today in Germany, Michelin is announcing it will gradually cease the production at its Karlsruhe and Trier sites, as well as the new tire and semi-finished products manufacturing of Homburg. Michelin will also transfer the Customer Contact Center from Karlsruhe to Poland. A total of 1,532 employees are impacted by these operations, which are meant to be completed by the end of 2025.
This decision is linked to the growing competition of budget truck tires, and the lack of competitiveness of our German operations for our European and export markets.
Michelin will record a provision of approximately 425 million euros in its consolidated financial results for the year 2023.
| Investor Relations | Media Relations |
|---|---|
| [email protected] | +33 (0) 1 45 66 22 22 [email protected] |
| Guillaume Jullienne | Individual shareholders |
| [email protected] | +33 (0) 4 73 32 23 05 |
| Pierre Hassaïri | Muriel Floc'hlay |
| [email protected] | [email protected] |
| Flavien Huet | Elisabete Auntunes |
| [email protected] | [email protected] |
DISCLAIMER
This press release is not an offer to purchase or a solicitation to recommend the purchase of Michelin shares. To obtain more detailed information on Michelin, please consult the documents filed in France with the Autorité des Marchés Financiers, which are also available from the michelin.com website. This press release may contain a number of forward-looking statements. Although the Company believes that these statements are based on reasonable assumptions at the time of publishing this document, they are by nature subject to risks and contingencies liable to translate into a difference between actual data and the forecasts made or inferred by these statements.
In accordance with Regulation (EU) No. 596/2014, this press release may contain inside information.