Year in review: Global tire players transform footprint(Top 3)

Time: Dec 27th 2017   Copy editor: Tyrefull

2018 is comming soon. The global tire industry almost saw another big merger in 2017, but there was plenty of other activity keeping firms busy in the year. From new investments to new structures, here are four of the biggest events within the tire sector.

Michelin to restructure globally

The world's second-largest tire maker plans to cut nearly 2,000 jobs from its global operations.Michelin disclosed plans to reorganize its operations into 10 regions and 14 business lines, resulting in the elimination of 1,500 jobs in France where the firm is headquartered and 450 in the U.S.

The firm said the 1,500 jobs cut in France will come from not replacing most of the 5,000 employees retiring or otherwise leaving the group by 2021, resulting in a net loss of 1,000 jobs at its Clermont-Ferrand headquarters. The U.S. is taking the same approach between 2018 and 2021 with most of the 450 cuts coming from natural attrition and retirement. It estimates that about 1,500 people in the U.S. will be leaving the company, but just 1,050 will be replaced.

The firm did not disclose the names of its business lines, but unveiled that its 10 regions will consist of Africa/India/Middle East; South America; Central America; North America; Eastern Asia and Australia; China; Central Europe; Northern Europe; Southern Europe; and Eastern Europe.

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