Dundee closure ‘supports Michelin’s intent to accelerate cost savings’ – analyst report
Michelin's Dundee closure is part of its plan to tackle cost efficiency over the next two years
An analyst report published by Jefferies International Limited has stated that the closure of Michelin’s Dundee plant “supports [the company’s] intent to accelerate cost savings during 2019-20.” Presenting its nine-month 2018 results in October, Michelin warned that demand had deflated in the car and truck markets and it was revising down its guidance; subsequently Michelin shares fell to a seven-year low.
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