French tire maker Michelin has announced plans to gradually wind down tire production at its Ardmore facility in Oklahoma by 2025, eliminating 1,400 jobs.
This decision stems from the plant’s inability to maintain competitive tire production costs.
The first wave of job reductions at the Ardmore plant, which has produced passenger tires since 1970, is expected to commence in mid-2024.
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Subsequent layoffs would occur in stages through 2025 as operations decline.Â
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While tire production shifts to other North American facilities, rubber-mixing operations at the Ardmore plant will persist.
Michelin recently revised its full-year free cash flow projection to 2.3 billion euros ($2.4 billion), up from 2 billion euros.
It is due to factors like reduced volume and costs.
