Michelin announced it had signed an agreement to acquire 80 per cent of Multistrada, a tyre manufacturer based in Indonesia.
Michelin Gains Competitive Production
Michelin recently acquired leading Indonesian tyre manufacturer PT Multistrada Arah Sarana TBK, thereby gaining competitive production capacity of more than 180,000 tonnes and strengthening its presence in the fast-growing Indonesian market.
In line with its strategy, Michelin announced it had signed an agreement to acquire 80 per cent of Multistrada, a tyre manufacturer based in Indonesia. With a production capacity of more than 180,000 tonnes (which equates to 11 million passenger car tyres, 9 million two-wheel tyres and 250,000 truck tyres), Multistrada generated net sales of US$281 million in 2017. With this transaction, Michelin would strengthen its presence in the highly promising but local-production dominated Indonesian market by acquiring a very competitive local plant with good quality facilities and immediately available production capacity. Leveraging on its technical expertise with limited new investment, Michelin would gradually convert production from Tier 3 passenger car tyres to Tier 2 Michelin Group brands, thereby allowing more Tier 1 production at other Asian plants and supporting the growth of demand of Tier 2 volumes in Europe, North America and Asia.
In addition, through this transaction Michelin acquired a 20-per cent stake in the retailer PT Penta Artha Impressi (Penta) in partnership with Indomobil and other private investors. This boosts the marketing and sales of the Michelin Group brands in Indonesia, allowing Michelin to secure significant access to a major market and be well placed to benefit from the market’s future growth and expansion.
Jean-Dominique Senard, Chief Executive Officer of the Michelin Group, said: “The acquisition of Multistrada represents an excellent opportunity for Michelin to expand its operations in Indonesia, the most populous country in Southeast Asia, and immediately gain competitive, good-quality production capacity without having to create any new manufacturing facilities.”
Pieter Tanuri, Chief Executive Officer of Multistrada, said: “We are very proud of what we have achieved with Multistrada and are confident Michelin is the ideal partner to take Multistrada forward into a new era of growth and success for the benefit of all stakeholders and employees.”
Potential synergies in manufacturing, sales and purchasing are expected to represent up to US$70 million per year within 3 years of the acquisition. Multistrada, including the 20-per cent stake in the retailer PT Penta and 50 hectares of available land, is valued at US$700 million enterprise value, representing 6.3 times EBITDA for the 12 months ended 30th September, 2018, after expected synergies.
Upon closing, Michelin would pay US$439 million for 80 per cent of Multistrada shares subject to certain closing adjustments. As Multistrada is a publicly listed company, and pursuant to Indonesian regulations, Michelin would subsequently launch a public offer for the remaining outstanding shares, at the same price per share as that offered to the 80-per cent shareholder group. The acquisition would be funded from internal financial resources and is not expected to have an impact on Michelin’s ratings.
米其林收购印尼轮胎制造商Multistrada
米其林近日收购印尼轮胎制造商PT Multistrada Arah Sarana TBK的股权，并取得了具竞争性的超过18万吨的产能，巩固了它在快速增长的印尼市场地位。
米其林宣布已签署协议收购印尼轮胎制造商 Multistrada 80％的股权。就Multistrada品牌而言，2017年产能已超过18万吨（包括1100万条乘用车轮胎，900万条两轮轮胎和25万条卡车轮胎），净销售额达2.81亿美元。通过收购一家设施优质、可即时投产在印尼当地工厂，米其林将极大提升在该市场的地位。。利用其技术优势和新的投资，米其林将逐步把Multistrada生产三线品牌轮胎的产能转化为集团旗下二线品牌轮胎产品，以此释放亚洲其他工厂一线品牌轮胎的产能，并为欧洲、北美和亚洲二线品牌轮胎的需求增长提供支持。
此外，透过该交易，米其林将与Indomobil和私人投资者合作，收购零售商PT Penta Artha Impressi 20％的股权，这将促进米其林集团品牌在印尼的市场推广和销售，从而确保市场准入，并从市场的未来增长中获益。
米其林集团首席执行员盛纳德（Jean-Dominique Senard）表示：“收购Multistrada是米其林扩大在印尼业务的绝佳机会，在这个人口众多的东南亚国家，我们无需新建任何生产设施，就能够立即获得具有竞争力的优质产能。”
Multistrada首席执行员皮尔德（Pieter Tanuri）表示：“我们为Multistrada所取得的成就感到自豪，同时也坚信米其林是理想的合作伙伴，能够引领Multistrada进入成长致胜的新时代，并造福所有利益相关方和员工。”
收购后的3年内，制造、销售和采购方面的潜在协同效应预计将达每年7000万美元。预期的协同效应作用下，Multistrada（含零售商PT Penta的20％股权和50公顷的可用土地）的企业价值已达7亿美元，相当于2018年9月30日前12个月毛利润（EBITDA）的6.3倍。
交易完成后，米其林将为收购80％的Multistrada股权支付4.39亿美元，不过，最终的股份仍需要进行一定的调整。因为Multistrada是一家上市公司，根据印尼法规，米其林随后将以该80％股份相同的价格对剩余的流通股进行公开报价。此次收购将由内部财务资源提供资金，预计不会对米其林的评级产生影响。
