Michelin, a French multinational tyre manufacturing company which employs approximately 20,000 people in France, said on Wednesday, that it would cut up to 2,300 jobs.
The group said as it reinforces activities outside its core business, the plan is not to out rightly lay off, but workers will not be replaced as they retire and those willing to leave will be offered payouts.
Michelin noted that as a result of the competition from low-cost tyre makers, its workforce has been reduced by almost 1,500 since 2017 in France, Germany and the United States.
Florent Menegaux, the group’s Chief Executive, said in a statement, “Michelin is not abandoning France and continues to invest massively there.”
