Michelin Completes Acquisition of Flex Composite Group

Michelin has completed the acquisition of Flex Composite Group on Sept. 27, 2023, under the terms announced on June 19, 2023 and after obtaining all of the necessary approvals for the transaction. As such, Michelin and FCG have “created a leader in high-tech engineered fabrics and films,” Michelin said.

The acquisition is part of the Michelin in Motion 2030 strategy, which it said marks a significant step forward in the development of the Group’s polymer composites activities.

FCG is a European leader in engineered fabrics and films, said Michelin, with applications in highly technical markets such as marine, supercars & electric vehicles, sports, or construction.

“FCG masters 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,” according to Michelin.

In 2022, FCG reported €202 million (approx. $213,540,260) revenue. From 2015-2022, the company achieved average organic growth of 11%, with an EBITDA margin of 25-30%, according to Michelin.

Ascot Supply Corporation, based in Newnan, Georgia, has selected Mark Paquette for the newly created position of vice president. In this position, Ascot Supply said Paquette will oversee the growth of the company's products, corporate profitability, manage marketing and advertising and assume many other responsibilities.

He will work under the direction of current President David Kessler and officially begin his new role on June 3. Paquette joined the tire and automotive industry in the early 1980s at his father's tire shop, and his contributions to Mohawk Rubber Sales were instrumental in the company's growth and eventual sale to Myers Tire Supply in 2021, according to Ascot Supply. Paquette eventually was given a promotion to the role of director of operations at Myers Tire Supply.