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”.
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.
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