Michelin: medical subsidiary Solesis opens capital
(CercleFinance.com) - Michelin announced on Thursday evening that the US investment fund Altaris expects to acquire a stake in its subsidiary Solesis, which is specialised in biomaterials for the medical sector.
The memorandum of understanding between both partners provides for Altaris to acquire 51% of the capital in a transaction valuing Solesis at around 475 million dollars.
Altaris - a New York-based fund that focuses exclusively on the healthcare industry - has "significant" experience in the life sciences and medical technology sectors, Michelin said.
Its arrival will enable Solesis to accelerate its development in some of the most dynamic markets in the medical sector, with growth prospects ranging from 10% to 30%.
Since its creation in 2002, Solesis has specialised in textile components for medical devices and single-use technologies for the biopharmaceutical industry.
The subsidiary - which employs 360 people at four production sites in Pennsylvania and North Carolina - joined Michelin Group's consolidation scope in 2018, when it acquired Fenner, a specialist in polymers for the mining and industrial sectors.
Following this announcement, Michelin shares were up 0.9% on Friday morning on the Paris stock exchange, outperforming the CAC 40, which was up around 0.3%.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The memorandum of understanding between both partners provides for Altaris to acquire 51% of the capital in a transaction valuing Solesis at around 475 million dollars.
Altaris - a New York-based fund that focuses exclusively on the healthcare industry - has "significant" experience in the life sciences and medical technology sectors, Michelin said.
Its arrival will enable Solesis to accelerate its development in some of the most dynamic markets in the medical sector, with growth prospects ranging from 10% to 30%.
Since its creation in 2002, Solesis has specialised in textile components for medical devices and single-use technologies for the biopharmaceutical industry.
The subsidiary - which employs 360 people at four production sites in Pennsylvania and North Carolina - joined Michelin Group's consolidation scope in 2018, when it acquired Fenner, a specialist in polymers for the mining and industrial sectors.
Following this announcement, Michelin shares were up 0.9% on Friday morning on the Paris stock exchange, outperforming the CAC 40, which was up around 0.3%.
Copyright (c) 2021 CercleFinance.com. All rights reserved.