# Michelin to acquire Flex Composite Group for €700M

Michelin announced the acquisition of Flex Composite Group (FCG), a European producer of high-tech textiles and films, from private equity firm IDI for €700 million. The deal is expected to close by the end of Q3 2023.

- Type: Acquisition
- Announced: 2023-08-23
- Where: Paris, France
- Value: $760.0M (700.0M EUR)
- Status: announced
- Products: high-tech textiles, polymer composite films
- Sectors: [Industrial Textiles](https://endata.com/sectors/industrial-textiles.md)

## Companies

- [Michelin](https://endata.com/companies/13430.md) (acquirer)
- [IDI](https://endata.com/companies/24320.md) (partner)
- [Flex Composite Group](https://endata.com/companies/66060.md) (target)

## Sources

- [prnews24.com](https://www.prnews24.com/393662/michelin-kuendigt-uebernahme-der-flex-composite-group-an/), 2023-08-23: "Mit der Übernahme entsteht ein führender Anbieter von Hightech-Textilien und -Folien"
- [globenewswire.com](https://www.globenewswire.com/news-release/2023/09/27/2750059/0/en/Michelin-completes-the-acquisition-of-Flex-Composite-Group-and-creates-a-leader-in-high-tech-engineered-fabrics-and-films.html), 2023-09-27: "Michelin completed today the acquisition of Flex Composite Group, under the terms announced on June 19, 2023 and after obtaining all of the necessary approvals for the transaction."
- [european-rubber-journal.com](https://www.european-rubber-journal.com/article/2094241/michelin-completes-acquisition-of-engineered-fabrics-specialist-flex-composite), 2023-09-28: "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."

---
Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.