March 25, 2013 / 7:51 AM / in 5 years

Michelin could seek more cost cuts in Europe - report

PARIS, March 25 (Reuters) - Michelin, the world’s second-largest tyremaker, could seek more cost cuts to cope with a prolonged slump in car sales in Europe, French daily Les Echos said on Monday.

“We are not ruling out anything,” Florent Menegaux, director of the passenger car and light truck products division, was quoted saying by the paper.

“We must think about the market’s evolution, assess whether the situation will last.”

Michelin, which employs 63,000 people in Europe, met with union representatives on March 7 to discuss the future of its French plants, but did not make any announcements.

In France, the CFE-CGC and CFDT unions signed a three-year labour flexibility agreement on March 13 aimed at adapting production and employment to periods of lower demand.

Michelin said the European market for passenger car and light truck tyres fell 13 percent in February after declining 14 percent in January. (Reporting by Dominique Vidalon; Editing by David Holmes)

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