Michelin acquires engineered fabrics manufacturer

Michelin has agreed to acquire Flex Composite Group (FCG) for €700 million.

FCG makes engineered fabrics and films for the marine, supercar, electric vehicle (EV), sport and construction industries. In 2022 it reported €202 million in revenue and has 400 employees, the company said.

According to Michelin, the purchase could increase the revenue of its High-Tech Materials business by around 20%. “This will mark a significant step forward in Michelin’s strategy of growing its polymer composite activities,” a press release said.

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