Michelin Agrees to Buy Cooley Group, Tex Tech Industries in US

Michelin says it’s agreed to buy industrial coated fabrics company Cooley Group and specialty textiles and fabrics maker Tex Tech Industries in the US to expand its Polymer Composite Solutions business.

• Both transactions are expected to close during 1H and “would be paid for in cash, for undisclosed amounts at this stage”
• Michelin says “these two acquisitions would substantially accelerate its expansion into new markets and regions, and would increase Michelin’s Polymer Composite Solutions revenue by about 20%” or about $280 million
  • “As Polymer Composite Solutions are reaching a material size in Michelin’s business, the group plans to create a ...