PARIS (Reuters) – Michelin said he was on the right track on Friday on his diversification objective beyond tires in order to reduce his dependence on automotive market cycles, via organic growth or acquisitions.
Maude Portigliatti, Director Business Polymer Composite Solutions of the group, confirmed during a press conference the target of 20% of turnover excluding tires in 2030, against 15-16% currently, thanks to the development of services, distribution and technical composite materials.
Michelin announced on Friday an investment of 60 million euros in a pilot factory to produce industrially in France, in Péage-de-Roussillon (Isère), a biosourced molecule intended to replace in resins and glues the formaldehyde of fossil origin and toxic side effects.
Essential brick of green chemistry, 5 -HMF – found in honey and caramel – is nicknamed the sleeping giant in view of its versatility and its ability to replace a wide range of conventional molecules.
The future site, with an annual production capacity of 3,000 tonnes, will start its activity in 2026. It is intended to become the largest production site of the molecule on a global scale while 5-HMF is now produced exclusively in Asia, in very small quantity, said the Clermont group in a press release.
Jefferies analysts noted their recommendation on Michelin on Friday and lowered the one on its continental competitor, in particular in view of the larger exhibition of the German group in the automotive sector, a risk carrier in 2025.
(Gilles Guillaume report, edited by Augustin Turpin and Blandine Hénault)
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