Michelin is planning additional production furloughs to avoid layoffs affecting 9,000 employees in Spain this year.
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The measures include an extension of production suspensions from 15 to 30 days and to all shifts. The Spanish plants may close for a total of 40 days this year, Les Echos reported.
Employees and managers will receive 50% of their pay while on furlough with the balance paid over the next four years as the business recovers.
Separately, it was reported that US investment management company Franklin Resources had raised its stake in the French tyre maker to 10.03% of the capital and 7.79% of the voting rights.
The US investor notified the French stock market regulator AMF that it planned to buy more shares but did not intend to seek a board seat.
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By GlobalData
