Michelin: announces forthcoming acquisition in Indonesia
(CercleFinance.com) - The Michelin group said on Tuesday evening that it has signed an agreement for the acquisition of 80% of PT Multistrada Arah Sarana TBK, a tyre manufacturer based in Indonesia.
"With a production capacity of more than 180 thousand Tons (i.e., 11 million Passenger car tires, 9 million Two-wheel tires and 250 thousand Truck tires), Multistrada generated net sales of USD 281 million in 2017. With this transaction, Michelin will strengthen its presence in the highly promising but local-production dominated Indonesian market by acquiring a very competitive local plant with good quality facilities and immediately available production capacity," Michelin said.
Michelin also says that it will gradually convert, with limited additional investments, the production of Tier 3 and Tier 2 passenger car tyres to the group's brands.
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"With a production capacity of more than 180 thousand Tons (i.e., 11 million Passenger car tires, 9 million Two-wheel tires and 250 thousand Truck tires), Multistrada generated net sales of USD 281 million in 2017. With this transaction, Michelin will strengthen its presence in the highly promising but local-production dominated Indonesian market by acquiring a very competitive local plant with good quality facilities and immediately available production capacity," Michelin said.
Michelin also says that it will gradually convert, with limited additional investments, the production of Tier 3 and Tier 2 passenger car tyres to the group's brands.
Copyright (c) 2019 CercleFinance.com. All rights reserved.