Michelin has agreed the purchase of Lehigh Technologies, a specialty materials company that has pioneered cryogenic turbo mill technology to transform rubber from end-of-life tires into materials for new tires. The investment extends Michelin’s current expertise and demonstrates an ambition to reduce demand on finite resources.
“We are always looking for ways to achieve safer and more sustainable mobility, including by using high-technology recycled materials, without compromising safety or other performances, while consuming less of the natural resources that are available in finite stocks,” said Pete Selleck, president at Michelin North America.
“Lehigh Technologies, the technological leader in this area, is a natural fit, as it will equip Michelin with tools to reduce the amount of raw materials that we need to produce new products for all of our current and future customers in the tire and non-tire industries.”
Based in Atlanta, Georgia, USA, Lehigh Technologies employs 100 people and produces the versatile raw material micronized rubber powder (MRP) for some of the largest tire companies in the world. MRP provides a substitute for oil and rubber-based materials used in manufacturing tires, plastics, and asphalt.
“This acquisition demonstrates Michelin’s strategic intent to bring its expertise in materials to markets that extend beyond tires, and in particular, to foster the use of advanced rubber recycled materials in the tire and non-tire industries,” said Christophe Rahier, senior vice president of strategic planning materials at Michelin Group.
Alan Barton, CEO at Lehigh, is optimistic about the deal: “This deal provides Lehigh Technologies with an incredible opportunity to continue our growth. With the full backing of Michelin, we can continue to expand our capabilities, execute our global growth strategy and pursue new market opportunities.”
October 24, 2017