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Michelin Buys 88% Of Indonesia's Multistrada

French tire maker Michelin Cie Des Estb (MGDDY.PK,MGDDF.PK) announced that it has acquired 88% of PT Multistrada Arah Sarana TBK, a tire manufacturer based in Indonesia, for $480 million.

With this transaction, whereby Michelin will also gain a 20% stake in PT Penta Artha Impressi and 50 hectares of available land, the Group will strengthen its presence in the Indonesian market by acquiring two powerful local brands (Achiles and Corsa).

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