Michelin to close Budapest plant

摘要

Paris / Warsaw - Michelin is to close its truck tire plant in Budapest in response to difficult trading conditions in the European truck tire market. The plant's production of tires, sold under the Taurus, Riken and Kormoran brands, is to be terminated in mid-2015. The truck tire market remains volatile and 23 percent down on its historic peak in 2007, said Michelin. The facility, which employs around 500 people, would require excessive upgrading with new equipment to improve its competitiveness.