Milan, Italy – Michelin has unveiled plans to expand Fenner plc’s polymer capabilities, just ahead of the expected completion of its acquisition at the end of May.
The French tire maker said that the “strategic acquisition” of the UK-based manufacturer of conveyor belts & systems and engineered polymer products, would create estimated synergies of around £30 million.
The acquisition is in line with Michelin's ambitions to “leverage its expertise in high technology materials,” the French group set out in an investor’s presentation in Milan.
As part of its future plans for Fenner, Michelin said it was planning to expand the engineered materials division with a complementary polymer portfolio
Michelin is offering £6.10 per Fenner share, representing an enterprise value of £1.3bn. The deal is set to be completed 31 May.
Elsewhere during the presentation, Michelin said it had further M&A plans to drive expansions.
Areas of interest, it said, included growing markets such as digital services, dealerships and high-tech materials.