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It is cutting 8,000 jobs and closing a factory at Aulnay outside Paris to stem losses of around €200m a month.
Closing a factory is just one way to undermine a local community.
Michelin is closing a factory in Northern Ireland with the loss of 860 jobs.
Tyco Telecommunications, a division of Tyco International, is closing a factory for making undersea telecommunications equipment because of slumping business.
Despite closing a factory in Antwerp, Belgium, and shedding more than 6,000 workers, Opel has not gotten back on track.
Closing a factory is still regarded as shameful.Making things even more difficult is the absence of an efficient market for mergers and acquisitions.
Similar(39)
BFGoodrich closed a factory in nearby Miami, Okla., in 1986.
"We had closed a factory there, wondering what to do with the emptied land," he said.
Any time they want to close a factory and lay people off they face huge bills.
Last week, Toyota closed a factory it operates with General Motors in California.
In 1997, he decided to close a factory at Vilvorde, Belgium, cutting 3,000 jobs.
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