GREENVILLE, S.C. (Feb. 26, 2002) — Michelin North America Inc. has reduced employment by 500 jobs since September, putting it on target to achieve the cost-reduction goals it made public at that time.
Michelin said it intends to reduce its North American workforce by about 2,000 by year-end 2003, as part of a drive to cut annual operating costs by $200 million. These first cuts came through normal attrition and voluntary severance programs.
“Through this cost-reduction effort, we'll improve our ability to weather the inevitable down cycles of the tire industry and build sustainable profitability,” said Jim Micali, chairman and president of Michelin North America, in a prepared statement.
Employment stands at 26,500.