Michelin Acquires Flex Composite Group

Michelin Acquires Flex Composite Group

FCG has a wide range of polymer composite solutions, adjacent to those already developed by Michelin.

Michelin and IDI have reached an agreement for Michelin to acquire 100% of Flex Composite Group (FCG) for an enterprise value of 700 million Euros (approx. $760 million). FCG engineers fabrics and films with applications in technical markets such as marine, supercars and electric vehicles, sports and construction.

Michelin said FCG has a wide range of polymer composite solutions, adjacent to those already developed by the company. FCG has 400 employees and primarily operates in Europe. In 2022, FCG reported €202 million (approx. $219.5 million) in revenue. Over the 2015-2022 period, it delivered an average organic growth of 11%, with 25 – 30% EBITDA margin.

The agreement would enable Michelin and FCG to be a leader in high-tech engineered fabrics and films, Michelin said. The acquisition aligns with its Michelin in Motion 2030 strategy and will mark a step forward in its strategy of growing its polymer composite activities in adjacent areas.

The transaction is slated to unlock innovation synergies in a broad range of products and applications, while further improving the environmental footprint of FCG, Michelin said. The FCG acquisition would grow Michelin’s high-tech materials revenue and accelerate the growth profile of this business. We are very pleased to extend a warm welcome to the FCG teams into our Group, to create a recognized leader in high-tech technical fabrics and films. This operation draws on the best of both companies, in particular on our shared expertise in polymer composite solutions. We are aiming to generate synergies and to push back the frontiers of deep-tech innovation in a wide range of new products and applications. This acquisition is a milestone in our strategy to position the Group as a key player in polymer composite solutions beyond mobility.

The transaction is expected to close by the end of Q3 2023, subject to customary closing adjustments and merger control clearances in relevant jurisdictions, Michelin said.

You May Also Like

Sun Auto Tire & Service acquires 33 Caliber Auto Care locations in Texas

The 33 Caliber Auto Care locations are spread across Dallas, Houston, and San Antonio.

Caliber-Auto-care-Sun-Auto

Sun Auto Tire & Service recently acquired 33 Caliber Auto Care locations throughout the state of Texas. The 33 Caliber Auto Care locations spread across Dallas, Houston, and San Antonio complement Sun Auto’s existing footprint in these markets, the company said. Caliber Auto Care teammates will stay on after Sun Auto's acquisition. 

Goodturn Tire & Auto launches platform with 24 locations

Goodturn is a family of brands that provide automotive and tire repair and maintenance services, serving approximately 90k customers in 2023.

Hunter’s new Hunter University is designed to train customers, techs and instructors

The online courses are generally presented in five-minute segments.

PR-Training-Hunter-University-1400
Apollo Tires US recalls certain Vredestein, Quatrac tires

Dealers will replace the tires free of charge.

Recall
Discount Tire, Major League Soccer (MLS) announce multiyear partnership

Discount Tire has also struck a partnership to be the official tire retailer of Inter Miami CF and is collaborating with Continental Tire.

Discount-Tire-MLS-sponsorship

Other Posts

Net Driven acquires CarCareConnect

With this acquisition, CarCareConnect customers will gain access to Net Driven’s suite of digital storefront and digital marketing solutions.

Handshake agreement
Hankook Tire America recalls select Kinergy GT tires

Certain Kinergy GT tires, size 235/60R18H H436, are missing the missing the four-digit week and year code mark.

Recall
TRIB’s new website offers tailored services for members

One of the highlights of the redesigned website is the introduction of the retread environmental savings calculator.

TRIB-new-website
RNR Tire Express to give away NASCAR tickets for Father’s Day promotion

The RNR team will be taking submissions until midnight on Sunday, June 16.

RNR Tire Express