The 2018 acquisition of Fenner is one answer to that question. With this acquisition, we can accelerate our growth on the extremely dynamic high-tech flexible composites and materials market. Fenner — a major global player on the industrial-belting market, particularly for the highly technical mining industry — also produces high-precision technical polymer products in innovative fields ranging from seals for extreme conditions to flexible, micro-woven medical implants. Synergies with Michelin's activities and expertise have already been developed.
An additional development program aims to extend the existing Michelin Lifestyle Limited licensing model for rubber-based products (shoe soles, windshield wipers) to promote our expertise in materials formulation in these areas.
Focus on Fenner
The March 2018 total acquisition of Fenner, PLC (based in Hessle, U.K.), is a part of the Group's drive to promote its expertise in high-tech materials.
This acquisition brings strategic benefits:
- A holistic offer for the mining market so the Group can provide customers a full offer of tires and belting, accompanied by services and solutions, and extend the geographic footprint of both companies.
- Stronger expertise and innovation in high-tech materials: Michelin and Fenner, the technological leaders in the field, have succeeded thanks to their strong cultures of innovation. Fenner's expertise and portfolio of high-end products, especially new polymers, will also enable Michelin to develop reinforced polymer technologies for the consumer goods and industrial and medical equipment markets. Michelin will be able to draw on Fenner to further expand its expertise in high-tech materials and product design.