Michelin completed the acquisition of Flex Composite Group from IDI for €700m.

Michelin, a French multinational tyre manufacturing company, completed the acquisition of Flex Composite Group, a provider of engineered fabrics and films, from IDI, a private equity firm, for €700m. "We are very pleased to extend a warm welcome to the FCG teams into our Group, to create a recognized leader in high-tech technical fabrics and films. This operation draws on the best of both companies, in particular on our shared expertise in polymer composite solutions. We are aiming to generate synergies and to push back the frontiers of deep-tech innovation in a wide range of new products and applications. This acquisition is a milestone in our strategy to position the Group as a key player in polymer composite solutions beyond mobility," Florent Menegaux, Michelin CEO.