Bridgestone announced it will cut almost 500 jobs in Europe due to sluggish tire sales.
Most part of the job cuts, 442 from the total of 510, will be made in Spain, where Bridgestone has three plants, while the rest of the jobs will be cut from the company’s plant in Bethune, France. In Europe Bridgestone has over 13,000 employees, 8 tire plants, 6 regional sales companies, a research-and-development/test center and 3 logistics centers.
Three plants are located in Spain, two in Poland and one each in Hungary, Italy and France. The company reported sales down 17% to $3.36 billion during the first nine months of the year, as sales of light truck and passenger tires have dramatically fallen compared with the first three quarters of 2011.
The news comes after last month Bridgestone announced its plans to invest 267 million euro to triple production at its plant in Hungary. The company said it will raise production to 18,000 tires per day during the first half of 2017, also adding 505 new jobs.
“The Hungarian Government welcomes the project, as it enables high-technology, environmentally friendly production in Tatabánya which will create more than 500 jobs directly and several more at suppliers indirectly,” said Hungary’s Economy Ministry.