April 22, 2013 / 5:16 PM / in 5 years

Michelin warns of cutbacks unless market picks up

PARIS (Reuters) - Michelin (MICP.PA) will have to consider further cutbacks in Europe unless the sluggish tyre market picks up, Chief Financial Officer Marc Henry said on Monday.

    “If volumes stay at the level where they are today, that would imply some restructuring,” Henry said on a call for reporters and analysts after presenting the French tyremaker’s quarterly sales.

    “This is under scrutiny of course but nothing is decided yet,” he said.

    Reporting by Laurence Frost; Editing by James Regan

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