Michelin’s Cholet And Vannes Plants To Close Down By 2026, More Than Thousand Employees To Be Affected

Michelin Plant Shut Down

French tyre major Michelin has announced that it intends to close down production at its Cholet and Vannes plant by early 2026. This move is on the back of severe economic difficulties faced by the plants over several years and is expected to affect 1,254 employees.

The Cholet plant employs 955 people, and mainly manufactures 17-inch and smaller light truck tyres. These represent 85 percent of its operations. The tyre maker states that in recent years, the ‘light truck segment has contracted significantly in Europe, with a major impact on the plant’s production volumes, which fell from around 4.375 million units in 2019 to around 2.625 million in 2024, with no prospects for recovery.’

On the other hand, the Vannes facility employs 299 people and mainly produces metal reinforcements, i.e., cables, handling all of the steps in the manufacturing process. The production is used to manufacture truck and passenger car tyres in Michelin customer sites located in Spain, Italy and the rest of Europe. The production volume has dropped from 41,000 tonnes in 2019 to 34,000 tonnes in 2024, with no prospect of recovery.

Michelin claims that despite its teams’ remarkable engagement and the Group's efforts, the viability of the two plants could not be preserved.

At present, Michelin has decided to halt production at both plants through 11 November to give management and the unions time to propose collective and individual discussions with employees.

It is important to note that the demand has been facing severe headwinds including worsening competitiveness of Europe, notably due to inflation and rising energy prices. This decision Michelin says has been made ‘as a last resort, once all alternative solutions and scenarios have been analysed and evaluated.’

In recent years, European passenger car & light truck and truck tyre demand has shifted towards low-cost tyres mainly from Asia. This has led to structural production overcapacity at some of Michelin's passenger car and light truck and truck tyre plants in Europe.

To ensure the decision does not severely impact its employees, Michelin Group says it is committed to ‘mobilising all available resources to individually support the 1,254 affected employees and the two communities impacted by these closures.’

For this, Michelin Group will record a provision of approximately EUR 330 million in its consolidated financial results for the year 2024. 

The Michelin Group currently employs nearly 19,000 people in France, including 9,000 in manufacturing in 15 production plants. Even with the two facilities shut down, the tyre maker claims France will remain the group’s first industrial country in Europe, in both the number of sites and employees.

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    Titan International Expands Goodyear Brand Licensing Rights

    Titan International Expands Goodyear Brand Licensing Rights

    Titan International, a major global manufacturer of wheels and tyres for off-highway equipment, has secured expanded production rights for the Goodyear brand across multiple segments while renewing its existing farm tyre licensing agreement.

    The deal extends Titan’s Goodyear brand manufacturing rights to include light construction, industrial, all-terrain vehicle (ATV), lawn and garden and golf tyre categories, significantly broadening the company's market reach.

    The Illinois-based firm will continue to produce agricultural tyres under the Goodyear Farm Tyres brand, maintaining its presence in a sector where it manufactures products ranging from small implement tyres to the massive Goodyear Optitrac LSW1400/30R46, which features the company's proprietary Low Sidewall Technology.

    "We are excited to expand our rights into new segments, as this positions us to serve our customers better and seize emerging market opportunities. Our research and product development teams are already working on new tyre designs incorporating innovative tyre technologies for the lawn and garden segment," said Paul Reitz, President & CEO of Titan International, Inc. "In addition to our newly acquired rights, we are reaffirming our commitment to the farm tyres segment, a vital part of our business."

    Industry analysts note the expansion comes as demand for specialised off-highway tyres remains robust across construction, agriculture and recreational sectors despite broader economic headwinds.

    Strategic growth initiative

    The licensing expansion aligns with Titan's strategy to offer comprehensive wheel and tyre solutions across forestry, powersports, outdoor power equipment, agricultural, earthmoving, and light construction markets throughout the Americas, Europe, Africa and Oceania.

    The company did not disclose the financial terms of the licensing agreement with Goodyear.

    Titan International has manufactured Goodyear-branded farm tyres since 2005, when it acquired Goodyear's North American farm tyre business. It has gradually expanded these rights to other regions, including Latin America, Europe, the Middle East, Africa, Russia, and Australia.

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      CEAT Commits Around INR 10 Bln In FY26 Capex,

      CEAT Commits Around INR 10 Bln In FY26 Capex,

      Targets International Expansion With Robust Fy25 Performance

      CEAT Ltd, the RPG Group’s flagship tyre company, reported a capital outlay of INR 9–10 billion  for FY2025–26, keeping with its capacity expansion strategy and global integration. This follows a strong FY25 performance of record revenues and double-digit growth across segments despite headwinds in overseas markets.

      The business ended FY25 with consolidated revenue of INR 132.18 billion, up 10.6 percent year on year, and Q4 revenue at INR34.21 billion, up 14.3 percent compared to the corresponding quarter previous year. The standalone full-year EBITDA was INR 15 billion, and the Q4 operating margins improved by more than 100 basis points sequentially at 11.5 percent.

      "We incurred capex of INR 9.46 billion in FY25 and expect a similar investment of INR 9–1.0 billion in FY26," said Kumar Subbiah, Chief Financial Officer of CEAT. “Our focus will remain on expanding capacities, particularly at the Ambarnath and Chennai facilities, and funding the integration of the recently acquired Camso compact construction business.”

      In FY25, CEAT depreciated assets amounting to INR11.40 billion. Much of its FY26 capex will also fund equipment modernisation and normal maintenance at its Sri Lankan operations under Camso, putting a cost estimate of INR1-1.25 billion a year over the next two years.

      The Camso acquisition, which is effective from Q2 FY26, is likely to significantly enhance CEAT's global presence. "Integration work has started in full acceleration," said Arnab Banerjee, Managing Director and CEO. “Initial focus will be on customer retention and business continuity, with consolidation expected to double Camso’s current capacity utilisation over the medium term.”

      Despite international uncertainties, CEAT renewed its medium-term global growth forecast. Exports are expected to form 25–26 percent of the revenue post-Camso integration. Turbulence still exists in Latin America and North America due to tariff policies and exchange rate weakness. CEAT, however, has reported consistent performance in Europe, the Middle East, and Southeast Asia.

      CEAT also indicated a likely raw material cost stabilisation in Q1 FY26, potentially softening by Q2, to support its margin growth initiatives. The gross margin was 37.5 percent in Q4 FY25, and the target was above 40 percent in the near term.

      Banerjee signaled ongoing activity in electrification, premiumisation, and digitalisation. "With our technology outlays and new product introductions, we are hopeful of sustaining 20–25 percent market share in electric vehicle segments," he asserted.

      The debt levels of the company are under control. The gross debt as of 31 March 2025 was INR 19.28 billion with a debt-to-EBITDA ratio of 1.3x and debt-to-equity ratio of 0.44x. Subbiah added that CEAT's strong cash generation will allow it to finance both organic and inorganic growth without materially diluting leverage metrics.

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        Black Swan Graphene Appoints Jobin George As Technical Sales Manager (EMEA)

        Black Swan Graphene Appoints Jobin George As Technical Sales Manager (EMEA)

        Black Swan Graphene Inc. (Black Swan) has appointed Jobin George as Technical Sales Manager for the Europe, Middle East and Africa (EMEA) region with immediate effect. This significant move, which supports Black Swan's worldwide commercial team as it promotes adoption of its graphene-enhanced products, follows Dan Roadcap’s appointment as Head of Technical Sales and Business Development.

        George has an MBA from ICFAI University in India, a Post Graduate Diploma from the Central Institute of Petrochemical Engineering and Technology in India and a Bachelor of Science in Chemistry from Mahatma Gandhi University, India. He brings with him more than 20 years of global expertise in project management, business development and technical sales. George has had positions at Sands International Plastics and Sojitz Corporation in the United Arab Emirates, as well as Aquapak Polymers and H-Pack Global Ltd.

        Simon Marcotte, President and Chief Executive Officer, Black Swan Graphene, said, “The addition of Jobin to our commercial team marks another important milestone in our global expansion strategy. His international experience, particularly in the EMEA region, and his proven ability to translate technical capability into commercial success make him an ideal fit as we continue scaling our graphene business.”

        George said, “Black Swan is positioned at the forefront of advanced materials innovation. The opportunity to contribute to the adoption of such a transformative technology across the EMEA region is tremendously exciting. I look forward to engaging with our existing customers and partners, along with exploring opportunities for new clients as well, to showcase the performance and value of Black Swan’s graphene solutions.”

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          Stephanie Mull Appointed As TRF Executive Director

          Stephanie Mull Appointed As TRF Executive Director

          The Tire Recycling Foundation (TRF), a joint initiative led by the U.S. Tire Manufacturers Association (USTMA) and the Tire Industry Association (TIA), has appointed Stephanie Mull as its Executive Director.

          Mull will spearhead the organisation's initiatives to promote innovation and invest in the circular tyre economy, expand the market for end-of-life tyres and support studies to fill in the gaps in the sustainability and tyre recycling supply chain in her new role at TRF. Mull brings a wealth of experience in the sustainability field and a broad understanding of fleet management and decarbonisation, including converting fleets to electric and alternative fuel vehicles. In her role as PepsiCo's Sustainability Senior Manager, she oversaw major electrification projects, obtained grant money and spearheaded efforts to lower Scope 1 and Scope 2 emissions throughout Pepsi and Frito-Lay's North American fleets. Mull oversaw the local government's efforts to upgrade municipal vehicles to greener technology and volunteered to help the Red Cross electrify its fleet.

          Anne Forristall Luke, TRF Board President, said, “Stephanie Mull brings the passion, in-depth expertise and history of excellence that will drive TRF and its partners to achieve critical tyre recycling and reclamation milestones. We are thrilled to have her join the Foundation as we advance tyre sustainability while tackling the challenges and opportunities ahead.”

          Mull said, “I’m honoured to join the Tire Recycling Foundation and support its sustainability mission to achieve 100 percent end-of-life tyre circularity. TRF is a vital nexus of expertise and leadership, and I look forward to working with all stakeholders in developing tyre recycling solutions that pave the way for a more sustainable future.” 

          The Tire Recycling Foundation is dedicated to achieving 100 percent circularity for end-of-life tires by advancing innovation, building partnerships and supporting scalable recycling and reclamation solutions. Consisting of 15 global industry leaders with expertise in the manufacturing, recycling and transportation industries, TRF’s Board primarily focuses on the acceleration and adoption of emerging end-of-life tyre market technologies like rubber-modified asphalt (RMA).

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