PARIS, May 6 (Reuters) - French tyremaker Michelin said it plans to close its truck tyre plant in Budapest in response to adverse trends and aggressive competition in the European market.
"The decision reflects the fact that extending the facility is no longer possible, due to its location in an urban setting, and that improving its competitiveness would require excessive upgrading with new equipment," Michelin said in a statement.
Michelin said it would book a 39 million euro ($54 million) provision for non-recurring expenses in its first-half accounts relating to the closure. ($1 = 0.7205 Euros) (Reporting by James Regan; Editing by Blaise Robinson)