Michelin announced it completed the acquisition of Flex Composite Group on Sept. 27, 2023, under the terms announced on June 19, 2023 and after obtaining all of the necessary approvals for the transaction.
As such, Michelin and FCG have “created a leader in high-tech engineered fabrics and films,” Michelin said.
The acquisition is part of the Michelin in Motion 2030 strategy, which it said marks a significant step forward in the development of the Group’s polymer composites activities.
FCG is a European leader in engineered fabrics and films, said Michelin, with applications in highly technical markets such as marine, supercars & electric vehicles, sports, or construction. “FCG masters a wide range of polymer composite solutions, adjacent to those already developed by Michelin. The company has 400 employees. It primarily operates in Europe, in fast-growing markets with strong demand dynamics catering to high-end customers,” according to Michelin.
In 2022, FCG reported €202 million revenue. From 2015-2022, the company achieved average organic growth of 11%, with an EBITDA margin of 25-30%, according to Michelin.
