Michelin logo.

Representatives Michelin said the plant will cease operations in July, and all operations will shift to Asia, Europe and North America. Michelin said that production at the factory in Ota, which employs 380 people, costs about twice as expensive than the production at factories in other countries. The company provided no information on losses from the closure of the plant, saying only that the figure will be included in a one-time expenditures for 2009 total at 410 million euros (about $ 589 million). Now the company is in talks with representatives of the factory workers Ota, to help the victims of restructuring. In 2008, Michelin has earned $ 4.29 billion from the sale of products to vehicle manufacturers and now occupies 40 th place in rating the top 100 global suppliers Release Publication Automotive News Eurupe.

Latvia has started exporting unpaid loan cars .

Latvia became the first exporter of automobiles in the world who do not have on its territory any automanufacture, writes Bloomberg. In connection with the crisis of Latvian banks are getting back credit cars and sell them in Germany, Belarus, Estonia and Lithuania, also in New Zellandii, Saudi Arabia, Ghana, Guinea-Bissau and Costa Rica. Results from October this year, Latvia has exported more than 10 thousand cars in the amount of approximately $ 174 million