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Michelin sees 130 mln euros costs in Toul closure

PARIS, Dec 3 (Reuters) - French tyre maker Michelin MICP.PA said on Monday it expected costs of 130 million euros ($190.6 million) resulting from a previously announced decision to close a plant in Toul, eastern France.

“This includes project severance and plant and equipment depreciation costs as well as those in connection with the necessary reindustrialisation of the Toul site and the revitalisation of the employment area. These non-recurring charges will be fully allocated to group accounts for fiscal 2007,” Michelin said in a statement.

The company added it would communicate the amount of its industrial reorganisation expenses for Spain within the next few days.

Michelin shares closed down 1.1 percent at 80.16 euros. The stock has risen around 11 percent since the start of 2007, outperforming a roughly 2 percent gain in France's benchmark CAC-40 index .FCHI. (Reporting by Sudip Kar-Gupta, editing by Will Waterman)

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