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Home > News > Corporate News

Michelin completes acquisition of Flex Composite Group

Source:Adsale Plastics Network Date :2023-10-05 Editor :RC
Copyright: Original work. Please do not reprint.

Michelin completed its acquisition of Flex Composite Group (FCG), and thus, creating a leader in high-tech engineered fabrics and films.


michelin FCG aquisition_480.jpg 


Michelin completed its acquisition of Flex Composite Group.

 

FCG is a European company with expertise in engineered fabrics and films with applications in highly technical markets, such as marine, supercars & electric vehicles, sports and construction. The company masters a wide range of polymer composite solutions.

 

With a reported revenue of EUR 202 million in 2022, FCG achieved an average organic growth of 11% over the 2015-2022 period.

 

The acquisition works as part of Michelin in Motion 2030 strategy and marks a significant step forward in the company’s development in polymer composites activities. The new entity will leverage Michelin’s innovation and R&D capabilities and benefit from FCG’s advanced customer connections and industrial process expertise.

 

The key highlights of transaction include:

 

  • Creating a leader in high-tech engineered fabrics and films, increasing the revenue of Michelin’s High-Tech Materials activities by c. 20%

  • Developing Michelin beyond mobility and positioning the Group as a key player in polymer composite solutions, which aligns with its Michelin in Motion 2030

  • Leveraging both companies’ distinctive capabilities to unlock deep-innovation synergies in a broad range of products and applications

  • Improving Michelin’s growth profile, margin accretive transaction for the Group and the Specialty segment, positive cash generation and EPS impact

  • Preserving Michelin’s strong financial position by acquisition financed with available cash


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Michelin
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Acquisition
 Zhejiang Pfluon Technology Co., Ltd.      
 JIANGXI KORLLIN ECOPLASTICS CO.,LTD      

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