Michelin : Michelin acquires 88% of leading Indonesian tire manufacturer PT Multistrada Arah Sarana TBK.
March 08 2019 - 8:45AM
Press
release
Clermont-Ferrand - March 8, 2019
COMPAGNIE GÉNÉRALE
DES ÉTABLISSEMENTS MICHELIN
Michelin acquires 88% of leading Indonesian tire
manufacturer PT Multistrada Arah Sarana TBK,
thereby gaining competitive production capacity of
more than 180,000 tons and strengthening its presence in the
fast-growing Indonesian market
|
Michelin today announced it has
acquired 88% of PT Multistrada Arah Sarana TBK ("Multistrada"), a
tire manufacturer based in Indonesia, for USD 480 million. The
transaction was completed in line with the terms announced on
January 22, 2019 and after obtaining all of the necessary
approvals.
With a production capacity of more
than 180 thousand tons (i.e., 11 million Passenger car tires, 9
million Two-wheel tires and 250 thousand Truck tires), Multistrada
generated net sales of USD 281 million in 2017. With this
transaction, whereby Michelin will also gain a 20% stake in the
successful retailer PT Penta Artha Impressi and 50 hectares of
available land, the Group will strengthen its presence in the
highly promising Indonesian market by acquiring two powerful local
brands (Achiles and Corsa) and a very competitive local plant with
good quality facilities and immediately available production
capacity. Leveraging its technical expertise, with limited new
investment, Michelin will gradually convert production from Tier 3
Passenger car tires to Tier 2 Michelin Group brands, thereby
allowing more Tier 1 production at other Asian plants and
supporting growth in demand for Tier 2 volumes in Europe, North
America and Asia.
As Multistrada is a publicly
listed company, and pursuant to Indonesian regulations, Michelin is
today launching a public offer for the remaining outstanding
shares, at the same price per share as that offered for the 88%
acquired.
Investor Relations
Édouard de Peufeilhoux
+33 (0) 4 73 32 74 47
+33 (0) 6 89 71 93 73 (mobile)
edouard.de-peufeilhoux@michelin.com
Matthieu Dewavrin
+33 (0) 4 73 32 18 02
+33 (0) 6 71 14 17 05 (mobile)
matthieu.dewavrin@michelin.com
Humbert de Feydeau
+33 (0) 4 73 32 68 39
+33 (0) 6 82 22 39 78 (mobile)
humbert.de-feydeau@michelin.com
|
Media Relations
Corinne Meutey
+33 (0) 1 78 76 45 27
+33 (0) 6 08 00 13 85 (mobile)
corinne.meutey@michelin.com
Individual Shareholders
Isabelle Maizaud-Aucouturier
+33 (0) 4 73 98 59 27
isabelle.maizaud-aucouturier@michelin.com
Clémence Rodriguez
+33 (0) 4 73 98 59 25
clemence.daturi-rodriguez@michelin.com
|
20190308_PR_Michelin acquires
Multistrada
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Michelin via Globenewswire
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