Michelin & Cie, Chandra Asri JV synthetic rubber production

Michelin & Cie, Chandra Asri JV for synthetic rubber production

9:34 AM, 19th June 2013
Michelin & Cie, Chandra Asri JV for synthetic rubber production

PARIS, FRANCE/JAKARTA, INDONESIA: Michelin & Cie (ML) and PT Chandra Asri Petrochemical Tbk plan for a joint venture to make synthetic rubber. According to a joint statement by both the companies, the total investment is estimated at $435 million. Plant construction, which is located in Jakarta, Indonesia, is expected to commence in early 2015 with completion and start-up targeted for the beginning of 2017. Michelin will own 55 per cent of the venture and PT Chandra Asri Petrochemical will own the remaining 45 per cent.

Michelin & Cie plans to increase tire production in Asian markets as demand for cars and light trucks keeps growing in several large countries in the region, including China, the world’s largest car market.

© Bloomberg News

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