Michelin axing 578 jobs in Italy, closing Fossano plant

(ANSA) - Turin, November 3 - Michelin said Tuesday that it was axing 578 jobs in Italy by 2020 and will close its plant in Fossano, where 400 people work, by the end of 2016 as part of the tyre-makers strategic plan. "In a context of overcapacity, Michelin needs to streamline its production facilities to maintain competitive production costs," the company said. "The Fossano site, which employs 400 people, will therefore close in late 2016. Its production will be purchased from external suppliers or be taken over by the Group's other facilities in Europe".