Michelin's Material Reinvention: Tire Giant Acquires Two US Firms in Bold Move Beyond Rubber

CLERMONT-FERRAND, FRANCE – January 02, 2026

Michelin, the global tire manufacturing titan, today announced a significant strategic expansion beyond its core business with agreements to acquire two leading American specialty textile companies: Cooley Group and Tex Tech Industries. The move is a decisive step in the company's 'Michelin in Motion 2030' strategy, aimed at transforming the French conglomerate into a diversified powerhouse in advanced materials.

The acquisitions, which are expected to close in the first half of 2026, will be fully financed with cash and are projected to boost revenue for Michelin's Polymer Composite Solutions business by approximately 20%, adding an estimated $280 million. The growing scale of this division has prompted Michelin to announce it will become a dedicated reporting segment in the Group’s financial communications starting this year, signaling its rising importance to the company's future.

A Strategic Leap Beyond the Tire

These acquisitions are not an isolated maneuver but the latest execution of Michelin's ambitious 'Michelin in Motion 2030' plan. Unveiled in 2021, the strategy outlines a clear path to balance its traditional tire operations with aggressive growth in high-value-added markets. The company has publicly targeted having its non-tire businesses account for 20% to 30% of total sales by the end of the decade.

This diversification is designed to leverage Michelin's deep, century-old expertise in polymer and materials science. By moving further into engineered fabrics and composites, the company is capitalizing on its core competencies to capture value in adjacent, high-growth sectors. The move follows a pattern of strategic investments, including the €700 million acquisition of Flex Composite Group in 2023, underscoring a deliberate and sustained pivot.

“The creation of a dedicated reporting segment for Polymer Composite Solutions is perhaps the most telling detail in this announcement,” noted a market analyst specializing in the industrial sector. “It elevates this business from a side project to a core pillar of Michelin’s future growth. They are signaling to investors that they are serious about becoming a major player in the broader materials science landscape.”

From Healthcare Fabrics to Heat Shields for Spacecraft

The two companies at the center of the deal, while both leaders in technical textiles, bring distinct and complementary capabilities to Michelin's portfolio. Their combined expertise spans a vast range of applications, from everyday industrial use to the most extreme environments imaginable.

Cooley Group, a Rhode Island-based firm celebrating its 100th anniversary in 2026, is a vertically integrated manufacturer known for its high-performance polymer-coated fabrics. Its product portfolio is remarkably diverse, serving critical needs in multiple sectors. Cooley produces innovative polymeric solutions for healthcare devices, waterproof roofing systems, and crucial environmental containment solutions for water, fuel, and chemicals. Its materials are also found in flexible truck siding, military inflatable boats, and commercial print media.

Meanwhile, Tex Tech Industries, founded in Maine in 1904, operates at the cutting edge of material science for some of the world's most demanding applications. The company is a premier designer of specialty textiles for the aerospace industry, creating Thermal Protection Systems (TPS) for space vehicles and fuselage burn-resistant materials for commercial aircraft. Its fire-blocking textiles are a critical safety component in airline seats, and its CarbonX brand is a leader in non-flammable protective apparel for firefighters and industrial workers. Tex Tech's analytically driven approach and numerous patents have cemented its reputation as a key innovator in materials capable of withstanding extreme conditions.

Together, these acquisitions provide Michelin with a powerful one-two punch, expanding its existing European leadership in coated fabrics under the Orca brand and giving it a substantial foothold in the North American market with a product range that extends from industrial workhorses to space-age wonders.

Tapping a Surging Advanced Materials Market

Michelin's timing appears well-calculated, as the acquisitions place it squarely in the middle of the booming advanced composites and specialty textiles market. Valued globally at over $31 billion in 2023, the advanced composites sector is projected to grow at a compound annual growth rate of over 5%, driven by relentless demand for lightweight, strong, and durable materials.

Key drivers of this growth are the aerospace and defense industries, which are constantly seeking to reduce weight and improve performance, as well as the automotive sector. The global shift toward electric vehicles (EVs) has particularly accelerated demand for composites, which are used in battery enclosures, chassis, and body panels to offset the weight of batteries and extend vehicle range.

With Cooley's industrial applications and Tex Tech's deep entrenchment in aerospace and specialty automotive textiles, Michelin is now positioned to serve these expanding segments directly. The acquisitions provide not just revenue but also critical intellectual property and market access, enabling the company to compete more effectively against specialized chemical and materials firms.

The Financial and Regulatory Path Forward

While the financial terms of the deals were not disclosed, Michelin confirmed they would be paid for in cash, preserving the company's financial strength. The projected $280 million revenue increase provides a tangible metric for the immediate impact on the Polymer Composite Solutions division. In the broader specialty materials M&A market, valuations can range from 1x to 4x revenue, with profitable, high-growth companies often commanding significant premiums.

The transactions are now subject to customary closing conditions and regulatory scrutiny in relevant jurisdictions. Given that both Cooley Group and Tex Tech are U.S.-based, the deals will likely be reviewed by either the Federal Trade Commission (FTC) or the Department of Justice (DOJ) to ensure they do not create anticompetitive market conditions. This is a standard procedure for transactions of this scale, and the vast majority of such deals are cleared without issue.

By moving decisively to acquire these established leaders, Michelin is not just buying revenue and technology; it is buying a new identity. The company that helped put the world on wheels is now charting a course to supply the advanced materials that will define the next generation of technology, cementing its transformation for a new century of industrial innovation.