BUCHAREST, Romania (AP) -- French tire maker Michelin said Tuesday it will temporarily close its Romanian factories until further notice due to a drop in demand for tires amid the global economic crisis.
Michelin management said in a press release sent to national news agency Agerpres that the demand for tires in the European Union has shrunk, forcing the company to "adjust production."
Michelin has three factories in Romania and employs over 3,400 people.
Workers will get 75 percent of their pay during the shutdown.
The company said the reopening date for the factories will be announced in the next few days.