Michelin completes purchase of Indonesian tire maker

Clermont-Ferrand, France – Michelin has completed the acquisition of 88% control of Indonesia’s PT Multistrada Ara Sarana Tbk., producer and marketer of the Achilles and Corsa tire brands as well as a number of private brands.

Michelin paid $480 million (€425 million) for the publicly-listed shares, held by an investment group, the company announced 8 March.

The French tire maker is now launching a public offer for the remaining shares in Multistrada, at the same price it is offering the investor group.

The deal provides Michelin with annual…

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