Michelin to Acquire Cooley Group and Tex Tech Industries to Boost Composite Solutions
Tire manufacturer Michelin announced two acquisition projects, aiming to significantly strengthen its Polymer Composite Solutions business. The acquisitions of US-based Cooley Group and Tex Tech Industries are expected to accelerate growth in new markets.
Michelin, the global tire manufacturer, has announced agreements to acquire Cooley Group and Tex Tech Industries, two U.S.-based leaders in coated fabrics and specialty textiles. These moves are part of Michelin's "Michelin in Motion 2030" strategy to expand into new, high value-added markets leveraging its material expertise.
Cooley Group, founded in 1926 and based in Rhode Island, specializes in high-performance polymer coated fabrics with capabilities in weaving, knitting, and extrusion. Its products serve applications in healthcare, waterproofing, and containment. Tex Tech Industries, established in 1904 in Maine, designs and manufactures specialty textiles for demanding sectors, including aerospace components like thermal protection systems and aircraft materials.
These acquisitions are projected to increase Michelin's Polymer Composite Solutions revenue by approximately 20%, adding around $280 million. Michelin already holds a leading position in coated fabrics in Europe with its Orca brand. The combined entities are expected to significantly accelerate the company's expansion into new geographic regions and market segments.
Both transactions are subject to customary closing conditions and regulatory approvals, with closings anticipated in the first half of 2026. They will be financed in cash. Michelin also plans to establish a dedicated reporting segment for its Polymer Composite Solutions business starting in 2026, reflecting its growing importance.