Michelin completes acquisition of Flex Composite Group

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

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