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Michelin cost-cutting plan "on target"

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Michelin North America (MNA) Inc. says it is making "excellent progress" in its cost-reduction efforts.

The company has slashed its North American workforce by nearly 500 positions, "mostly through normal attrition and voluntary severance programs."

It currently employs around 26,500 throughout the United States and Canada.

Last September, Michelin announced it would cut some 2,000 employees by the end of 2003 as part of its plan to reduce operating costs by $200 million.

The strategy is designed to boost the French-owned tiremaker's competitiveness in North America.

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