Michelin reports €1.2bn in sales for Polymer Composite Solutions
17 Feb 2026
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Division, which includes belts, seals, coated fabrics and technical films, to be included in financial reporting in Q1
Clermont-Ferrand, France – Michelin Group has reported sales of €1.25 billion and a segment operating margin of 15% for its ‘Polymer Composite Solutions’ unit as it prepares to introduce the division as a new reporting segment from the first quarter of 2026.
The unit includes belts, seals, coated fabrics and technical films and supplies to a wide range of sectors, primarily mining, aerospace & defence, medical, industrial, construction, energy and automotive, said Michelin in its 2025 annual results 12 Feb.
The unit is poised for further growth with three recent US acquisitions, including Cooley Group (ERJ report), finalised in January, and Tex Tech and Flexitallic, which Michelin said are expected to close in the first half. (ERJ report)
With 71 industrial sites globally and 6,800 employees, the division’s sales are distributed 45% in North America, 20% in Europe and 35% in the rest of the world.
Commenting on the business environment of the division in 2025, Michelin said “fundamentals” in the conveyor belt market were structurally sound, given the fact that they closely track mining industry demand over the long term.
From a short-term perspective, however, the market “remains hesitant, with mixed trends across the various regions,” said the French group.
According to Michelin, North America’s conveyor belt market is “holding up fairly well” despite many uncertainties.
In Australia and South Africa, however, mining operators are more hindered by commodity price trends.
In the other Polymer Composite Solutions markets – belts, seals, coated fabrics and technical films – global demand varied from one segment to another.
More traditional segments such as manufacturing and upstream energy faced cyclical headwinds due to stagnating demand and the need for financial discipline, Michelin explained.
Meanwhile, “strategic” segments such as aerospace, defence, mining of critical minerals, and medical technologies were positively impacted by a growth cycle fuelled by geopolitical tensions, carbon-reduction requirements and demographic change.
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