Michelin freezes salaries in N.A.
Groupe Michelin is freezing salaries in the United States, Canada and Mexico in response to the poor economy.
"In light of the severe and continuing global economic downturn and its impact on the tire markets, Michelin is taking additional actions designed to protect cash flow, reduce costs and maintain competitiveness," says Michelin North America Inc. Chairman and President Dick Wilkerson.
"The current economic crisis requires dramatic action to immediately reduce costs and assure the company is well positioned to rebound when market health returns."
In related news, Michelin has announced that it will cancel 2009 performance bonuses for all "eligible management employees" in North America.