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Michelin reduces production 'significantly'

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Groupe Michelin says it has cut back "significantly" on all operations in most of its plants due to worldwide reduced demand for tires.

"This decision, stemming from the current economic environment, will lead to exceptional costs due to under-utilization of capacity, which will amount to nearly 150 million euros in fourth quarter accounts," say Michelin officials.

The action will help the tiremaker manage its inventories "and maintain its flexibility moving into 2009."

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