Move to create a leader in high-tech engineered fabrics and films
Michelin and IDI announced recently they have reached an agreement on the terms by which Michelin would acquire 100% of Flex Composite Group (FCG) for an enterprise value of AED 2.8bn (US$ 762.33mn).
FCG is a European leader in engineered fabrics and films 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, a press communique indicated.
The agreement would enable Michelin and FCG to create a leader in high-tech engineered fabrics and films. This acquisition is in perfect alignment with Michelin in Motion 2030 strategy. This will mark a significant step forward in Michelin’s strategy of growing its polymer composite activities in adjacent areas, leveraging unrivalled innovation and R&D capabilities.
Milestone
“This acquisition is a milestone in our strategy to position the Group as a key player in polymer composite solutions beyond mobility,” affirmed Florent Menegaux, CEO, Michelin.
“With Michelin, FCG will be able to increase its capacity for innovation, its actions to reduce its environmental footprint and to provide its customers with more sustainable materials,” commented Emmanuel Capriglione, General Manager, FCG.
The transaction is expected to close by the end of Q3 2023, subject to customary closing adjustments and merger control clearances in relevant jurisdictions, the press statement concluded.
