Michelin Communicates Its Restructuring Costs in Connection with Pursuit of Its Strategy to Improve Competitiveness in Spain

12/13/07 -- On October 3, 2007 Michelin presented to the bodies representing its employees in Spain a project concerning the modernization and reorganization of production designed to improve the competitiveness of its Spanish plants.

The Michelin Group is now in a position to communicate on the related restructuring costs which are expected to amount to EUR 143 million approximately. Beyond the costs linked to the specialization of the site of Lasarte, most of this amount will finance early retirement schemes.

These non-recurring charges will be fully allocated to Group accounts for fiscal 2007.

Source: Michelin

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