Michelin to Close Truck Tire Plant in Budapest

Michelin & Cie. says it will shut down its truck tire factory in Budapest about one year from now.

The company cites a 23% drop in demand for truck tires over the past seven years and the high cost of upgrading the urban plant to make it competitive.

Michelin says the facility's output of Kormoran, Riken and Taurus brand tires will be moved to existing factories in Germany, Poland and Romania.