{"id":385414,"date":"2018-11-17T09:04:53","date_gmt":"2018-11-17T08:04:53","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/newswire\/scotland-michelin-plans-closure-of-dundee-plant-with-loss-of-845-jobs\/"},"modified":"2018-11-17T09:04:53","modified_gmt":"2018-11-17T08:04:53","slug":"scotland-michelin-plans-closure-of-dundee-plant-with-loss-of-845-jobs","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/newswire\/scotland-michelin-plans-closure-of-dundee-plant-with-loss-of-845-jobs\/","title":{"rendered":"Scotland: Michelin plans closure of Dundee plant with loss of 845 jobs"},"content":{"rendered":"<div id=\"content\">\n<h3 class=\"nomargin\">\u00a0<\/h3>\n<h2>Scotland: Michelin plans closure of Dundee plant with loss of 845 jobs<\/h2>\n<h4>Rank-and file organisations needed to organise fight-back<\/h4>\n<h5>\n<p>    By<br \/>\n    Steve James<br \/>\n    <br \/>17 November 2018<\/p>\n<\/h5>\n<p>French-based transnational Michelin\u2019s decision to close its tyre manufacturing plant in Dundee, Scotland by 2020 threatens to pitch the plant\u2019s 845 workers, their families and thousands more in the area into unemployment and poverty.<\/p>\n<p>The conglomerate is acting aggressively to defend its profit margins, dividends to wealthy shareholders, and the immense salaries paid to its top management by dispensing with its Dundee workforce. Michelin\u2019s statement on the closure made clear the attack on its Dundee workers arose from world conditions.<\/p>\n<p>Michelin blamed the decision on reduced demand for 16-inch and smaller car tyres in the face of \u201clow cost, entry-level products from Asia.\u201d Despite recent investment, the company claimed the plant was \u201cunsuitable and its conversion is not financially viable.\u201d A \u201cconsultation process with employees, employee representatives and the trade union\u201d is to start within two weeks.<\/p>\n<p>Michelin, which operates 70 plants in 17 countries and employs around 114,000 workers worldwide, holds around 14 percent of the entire world market in car and truck tyres. In 2017, the company\u2019s net sales globally amounted to \u20ac21.9 billion, of which around \u20ac4.01 billion was profit before tax and one-off costs.<\/p>\n<p>Days before the announcement, Michelin suffered a 9 percent fall in its share price in Paris, warning of collapsing demand and price increases due to currency fluctuations. The <em>Financial Times<\/em> reported car industry analyst Arndt Ellinghorst of Evercore ISI warning of the \u201cugliest reporting season\u201d for car industry suppliers since 2015. Ellinghorst said that 80 percent of&#8230;<\/p>\n<\/div>\n<p><a href=\"http:\/\/www.wsws.org\/en\/articles\/2018\/11\/17\/mich-n17.html\">Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 Scotland: Michelin plans closure of Dundee plant with loss of 845 jobs Rank-and file organisations needed to organise fight-back By Steve James 17 November 2018 French-based transnational Michelin\u2019s decision to close its tyre manufacturing plant in Dundee, Scotland by 2020 threatens to pitch the plant\u2019s 845 workers, their families and thousands more in the [&hellip;]<\/p>\n","protected":false},"author":2526,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[519],"tags":[],"class_list":{"0":"post-385414","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-newswire"},"_links":{"self":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/385414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/2526"}],"replies":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=385414"}],"version-history":[{"count":0,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/385414\/revisions"}],"wp:attachment":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=385414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=385414"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=385414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}