Michelin: acquires Flex Composite Group

(CercleFinance.com) - IDI and Andera Partners announce an agreement to sell Flex Composite Group (FCG) to Michelin for an enterprise value of E700m.


The transaction, which will require approval from the competition authorities, is expected to close in Q3 2023.

FCG designs, manufactures and distributes customised advanced composite material solutions in specialty markets for over 2,100 customers worldwide. It generates sales of over E200m and employs nearly 400 people.

The transaction is part of Michelin's strategic plan to extend its activities beyond tyres to reach 20% to 30% of its business by 2030, by capitaliaing on its historical expertise in flexible composites.


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