Michelin is to acquire Flex Composite Group from private equity investor IDI for an enterprise value of €700 million, a transaction it expects will increase the revenue of its High-Tech Materials businesses by approximately 20% and create a “leader in high-tech engineered fabrics and films.” Michelin views growth here as an “important step” in developing “beyond mobility” and positioning the company as a ”key player in polymer composite solutions” in line with its Michelin in Motion 2030 strategy.