Michelin acquires leading Indonesian tire manufacturer
Michelin acquires 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.
In line with its strategy, Michelin today announced it has signed an agreement to acquire 80% of PT Multistrada Arah Sarana TBK (“Multistrada”), a tire manufacturer based in Indonesia. With this transaction, Michelin will strengthen its presence in the highly promising but local-production dominated Indonesian market by acquiring a very competitive local plant with good quality facilities and immediately available production capacity.
In addition, through the transaction Michelin will acquire a 20% stake in the retailer PT Penta Artha Impressi (“Penta”) in partnership with Indomobil and private investors, which will boost the marketing and sales of Michelin Group brands in Indonesia allowing Michelin to secure significant access to a major market and be well placed to benefit from the market’s future growth and expansion.