Michelin confirned today that it would cut 1,093 jobs on a voluntary basis as part of a restructuring of its facilities as it battles falling demand from carmakers.
But the company said that it would also be investing over EUR100m (US$139m) at its R&D centre at its headquarters in Clermont-Ferrand, central France, and hire about 500 people a year there for the next three years.
Michelin is expected to announce other measures to counter the global downturn in demand next week.
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