Tyre maker Michelin to shut factories in Germany

FRANKFURT: French tyre manufacturer Michelin said Tuesday it will close two factories and cut more than 1,500 jobs in Germany due to rising costs and competition from cheaper imports.

The vast industrial sector in Europe’s top economy has been battling high energy prices, surging inflation and fast-rising eurozone interest rates for more than a year. Michelin said in a statement it would end production at its sites in Karlsruhe and Trier by 2025, while the production of some products would cease at a site in Homburg.

A customer service centre in Karlsruhe that serves Germany, Austria and Switzerland will also be closed, with its operations to be transferred to Poland.