Michelin completes Flex Composite Group acquisition

Michelin completed the acquisition of Flex Composite Group on 27 September 2023 under the terms announced on 19 June 2023. According to the purchaser, “Michelin and FCG have thus created a leader in high-tech engineered fabrics and films”. The acquisition forms part of the Michelin in Motion 2030 strategy and is said to mark “a significant step forward in the development of the group’s polymer composites activities”.

The new entity will leverage FCG’s “advanced customer intimacy and industrial process expertise”, Michelin said in an acquisition completion statement.

FCG is a European leader in engineered fabrics and films with applications in highly technical markets such as marine, supercars and electric vehicles, sports, or construction. FCG makes a wide range of polymer composite solutions adjacent to those already developed by Michelin. The company has 400 employees. It primarily operates in Europe, in fast-growing markets with strong demand dynamics catering to high-end customers.

In 2022 FCG reported €202 million revenue. Over the 2015-2022 period, the company achieved average organic growth of 11 per cent, with an EBITDA margin of 25 – 30 per cent. Michelin’s High-Tech Materials activities revenue is expected to rise by circa 20 per cent as a result of the acquisition.