“The management and the Works Council (WC) of Apollo Vredestein BV (AVBV), the company’s Netherlands-based subsidiary, have reached an agreement on the specialization of the factory in Enschede, marking the conclusion of consultation process,” Apollo Tyres said in a regulatory filing.
Under the agreement, AVBV will retain 737 job positions against the initial 1,265 and continue to focus on high value segment passenger car tyres and its earlier capacity for agricultural and Spacemaster tyres, it added.
Earlier, in March the company had said it will cut 750 jobs at the plant over a period of two years in order to have a ‘sustainable business’ and focus on producing only high-value tyres.
The home-grown tyre major had acquired Vredestein Banden BV (VBBV) for an undisclosed sum in 2009 from the Russia’s bankrupt largest tyre manufacturer Amtel-Vredestein NV.
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