New Delhi: Apollo Tyres on Tuesday said the management and workers at its Dutch plant have agreed to revamp the plant to meet the demand of some specific market segments, which will affect more than 500 jobs. The agreement will reduce the Enschede manufacturing plant by 528 All the jobs have been paved.

Apollo Tyres said in a regulatory filing, “The management board and the works council (WC) of Apollolo Vredestein BV (AVBV), the Dutch subsidiary, have reached an agreement on the specialization of the Enschede plant and the negotiations are concluded.”

Under the agreement, AVBV will retain 737 one positions (1,265 at the outset) and continue to focus on its high-value sector passenger car tires, early agriculture and Spacemaster tire production capacity.

In March, the company announced that it would lay off 750 factory employees over the next two years in order to achieve a “sustainable business” and focus on producing high-value tires.

The domestic tire giant came from Russia’s largest tire maker Amtel-Vredestein V in the hands of the acquisition of Vredestein Banden BV (VBBV), which went bankrupt in 2009 for an undisclosed sum.