Clermont-Ferrand, France — Group Michelin expects to achieve synergies of £60 million (€67.6 million) from its acquisition of Fenner plc by 2022, the group revealed at a 28 Sept investors’ briefing.
Michelin acquired all Fenner’s shares at the end of May, in a deal that valued the UK-based engineering group at €1.48 billion.
At the time, the French group said it expected to achieve “immediate synergies” of £30 million with the acquisition.
Michelin said the purchase would “leverage” the full value of its materials expertise in non-tire segments and expand its portfolio for mining customers.
The acquisition is expected to help Michelin advance into reinforced-polymer markets, notably in consumer goods, industrial services and medical segments.
The group also aims to benefit from new materials expertise with high-tech non-rubber polymers, thermoplastic elastomers and complex textile reinforcements.