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Business in Russia and CIS
The company has been represented in Russia since 1997.
History
2022
Loss of 202 million euros due to departure from Russia
In July 2022, the French car tire manufacturer Michelin reported a loss of 202 million euros due to the departure from Russia.
Sale of Russian business to local top managers
Tire manufacturer Michelin sells Russian business to local top managers, which the company announced on June 28, 2022. The deal became known a few months after Michelin suspended its activities in the Russian Federation. Read more here.
2021:2300 job cuts
In early January 2021, French tyre maker Michelin said it would cut up to 2,300 jobs within three years as part of a new plan to restructure and improve competitiveness. Management added that this would not entail layoffs or plant closures.
The estimated job cuts account for nearly 2% of the company's workforce - Michelin employs 127,000 employees worldwide. Due to fierce competition, the company has already abolished almost 1,500 positions since 2017 as part of its reorganization, including at its headquarters in Clermont-Ferrand and in the United States. The manufacturer also closed the factories of La Roche-sur-Yon (Vendée) and Bamberg in Germany.
The new plan takes into account the consequences of the COVID-19 pandemic, which has seriously hit the automotive industry. Earlier, in the spring of 2020, managing partners, members of the executive committee, as well as the chairman and independent members of the Michelin supervisory board announced a reduction in their salaries, but this did not help to cope with the crisis.
This plan is part of a broad approach to cooperation and social dialogue. When developing it, we will rely on negotiations on a three-year framework agreement, which should not entail layoffs, the company said in a statement. - This plan does not involve plant closures. |
Michelin said the measures would affect up to 1,100 office positions and 1,200 factory positions and stressed that nearly 60% of job cuts would be based on voluntary early retirement schemes.
The company also said it remained committed to placing "high value-added businesses in France." As an illustration, Michelin talked about an "ambitious expansion strategy in the field of hydrogen solutions."[1]