MGDDY Michelin Compagnie Generale Des Etablissements Michelin (PK)

By Inti Landauro

PARIS-- French tire maker Compagnie Generale des Etablissements Michelin Tuesday said it will scale down its operations in Europe and India due to adverse markets in both regions.

Michelin will close down one factory in Germany, Italy and the U.K., and will cancel plans to build a new plant to build earthmover tires in India, the company said in a statement.

The firm will book impairments worth 280 million euros ($308 million) on the European restructuring plan, and EUR75 million in India.

Michelin said demand for tires in Europe has stalled as a result of the recent financial crisis, and the Indian market remains at 2011 levels.

-Write to Inti Landauro at inti.landauro@wsj.com

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(END) Dow Jones Newswires

November 03, 2015 09:35 ET (14:35 GMT)

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