ERJ staff report (BC)
Clermont-Ferrand, France – Michelin and PT Petrokimia Butadiene Indonesia (PBI), a wholly owned subsidiary of PT Chandra Asri Petrochemical Tbk (CAP) have signed an agreement to create a joint venture company to produce synthetic rubber. The new company will be owned 55 percent by Michelin and 45 percent by PBI.
The total investment in the project is estimated at US$435m (€326m). Plant construction is expected to commence in early 2015, with completion and start-up targeted for the beginning of 2017.
Michelin and PBI expect to “bring significant synergies and create value both for the Indonesian and South East Asian markets.”
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Press release from Michelin