CLERMONT-FERRAND, France—Michelin expects to achieve synergies of $77.8 million from its acquisition of Fenner P.L.C. by 2022, according to information presented during the firm's investor presentation.
At the end of May, Michelin acquired all of Fenner's shares in a deal that the Hessel, England-based engineering group valued at about $1.7 billion. At the time, Michelin said it expected to achieve "immediate synergies" of around $39 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.