19-06-2023
Michelin announces the acquisition of Flex Composite Group
Creating a leader in high-tech engineered fabrics and films, increasing by c. 20% the revenue of Michelin’s High-Tech Materials businesses.
An important step to develop Michelin beyond mobility and position it as a key player in polymer composite solutions, in line with Michelin in Motion 2030 strategy.
Leveraging both companies’ distinctive capabilities to unlock deep-innovation synergies in a broad range of products and applications.
Michelin’s growth profile enhanced, EBIT-margin accretive for Group and Specialty segment, positive cash generation and EPS impact.
Acquisition financed through available cash, Michelin’s strong financial position maintained
Closing of the transaction expected around end of Q3 2023.
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