Michelin plans to close Hungarian Truck Tire Plant operations to Germany, Poland
Michelin tires have announced that due to weak demand in the European market and increasingly fierce competition, the company plans to close its truck tire factory in Budapest, Hungary. The production of the Budapest plant will be transferred to Michelin's Karlsruhe and Homburg plants in Germany, the Olsztyn plant in Poland, and the Zalau plant in Romania. .
“This decision reflects that it is no longer viable to continue operating this plant,†Michelin said. “Since the factory is located in the urban area, upgrading its competitiveness requires excessive upgrade costs.â€
Michelin also stated in the statement that the closure of the Budapest plant will cost 39 million euros (about US$54 million).
After closing the Budapest plant, Michelin will continue to produce high-performance passenger tires at the Nyiregyhaza plant in Hungary. In addition, the company also has a logistics center in Vac, Hungary, serving the Central and Eastern European markets, and has a strategic raw material marketing department in Tuzser.
News original title: Europe's weak demand, Michelin intends to close Hungarian truck tire plant
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