Michelin: acquires 88% of Multistrada
(CercleFinance.com) - Today Michelin announces that it has acquired 88% of PT Multistrada Arah Sarana TBK, a tyre manufacturer that is based in Indonesia.
The group paid 480 million dollars for the acquisition of 88% of the group's shares.
Multistrada reported 2017 sales of 281 million dollars. The group has a plant that has a capacity of over 180,000 tonnes (11 million passenger car tyres, 9 million motorbike tyres and 250,000 HGV tyres).
"The Group will strengthen its presence in the highly promising Indonesian market by acquiring two powerful local brands (Achiles and Corsa) and a very competitive local plant with good quality facilities and immediately available production capacity," the group said.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The group paid 480 million dollars for the acquisition of 88% of the group's shares.
Multistrada reported 2017 sales of 281 million dollars. The group has a plant that has a capacity of over 180,000 tonnes (11 million passenger car tyres, 9 million motorbike tyres and 250,000 HGV tyres).
"The Group will strengthen its presence in the highly promising Indonesian market by acquiring two powerful local brands (Achiles and Corsa) and a very competitive local plant with good quality facilities and immediately available production capacity," the group said.
Copyright (c) 2019 CercleFinance.com. All rights reserved.