Recently, the world famous tire manufacturers Michelin announced, the company will reduce in Europe and India two market.

It is understood, Michelin will start European restructuring plan, prepared in the UK, Germany and Italy the closure of a factory, a move that would make the bear 2.8 billion euros ($3.08 billion) writedowns project; at the same time, Michelin will cancel the construction in India of earthmover tire factory plan, will make it bears writedowns spending 75 million euros.

Tire world network was informed that, due to the impact of the financial crisis, European market for tire demand decline, since August 1 this year, Michelin products has in the European market price, to offset the exchange rate brought by the increased costs of raw materials; and in the Indian market, Michelin is still in 4 years ago.