Michelin to close Ballymena tyre factory in County Antrim, resulting in the loss of 860 jobs
French tyre manufacturer Michelin announced it is closing its factory in Ballymena, County Antrim, which employs some 860 people.
The factory is to close by 2018, as part of a wider restructuring, which will also see a German factory close next year.
The company cited "specific difficulties the site has been experiencing for several years" in forcing the closure:
Very aggressive competition and manufacturing overcapacity on the truck tyre market, heavy logistics costs due to its location, and high production costs principally due to the price of energy.
Michelin has warned before that high energy prices were threatening its Northern Ireland operations.
The decision comes as the British Chambers of Commerce warned today that UK export growth had slipped back to recession levels
The manufacturer did say it would be investing €85m to modernise its Stoke-on-Trent plant and increase production in its Dundee operation, creating around 110 jobs.
In its statement, the company said: "An employee consultation process will begin immediately regarding the run-down proposal. The Ballymena factory currently employs 860 people, and MTPLC is committed to supporting those employees during the consultation and in the forthcoming months."
Michelin also announced today it was suspending the construction of a new Earthmover tyres facility in India, incurring a loss of €75m, thanks to weak demand.