The French group, known for tyres and its chubby white mascot, is pouring more than half a billion euros into a bold double purchase in the United States, betting that high‑tech textiles and composite materials will carry a growing share of its business beyond car wheels.
Michelin pivots from tyres to high‑stakes materials
Michelin has agreed to acquire two US specialists, Cooley Group and Tex Tech Industries, in deals valued by analysts at between €460 million and €645 million. Both transactions will be funded entirely from the company’s cash reserves, signalling strong balance‑sheet firepower and confidence in its diversification plan.
With Cooley and Tex Tech, Michelin is effectively buying a fast‑track ticket into medical, aerospace and defence supply chains across North America.
The French group expects the two businesses to add around $280 million (roughly €239 million) in annual revenue to its Polymer Composite Solutions division, lifting that unit’s sales by close to 20%. While the exact price tags remain undisclosed, that revenue base is what underpins market estimates of a total outlay above €500 million.
The acquisitions are expected to close by mid‑2026, subject to regulatory approvals in the US and elsewhere. From this year, Michelin will report Polymer Composite Solutions as a standalone segment alongside tyres, a clear signal to investors that this is no side project.
Inside the targets: Cooley and Tex Tech under the microscope
Cooley group: membranes and medical fabrics built for extremes
Headquartered in Rhode Island and founded nearly a century ago, Cooley Group has built a reputation around coated polymer fabrics designed for highly sensitive environments. These are not everyday textiles: they help line drinking‑water reservoirs, store corrosive chemicals and form flexible containers for industrial liquids.
In hospitals, Cooley materials appear in advanced medical devices and sterile protective barriers. The company controls the full manufacturing chain, from weaving base fabrics to extruding and applying polymer coatings, which allows tight quality control for safety‑critical uses.
Cooley’s fabrics are engineered to survive chemicals, pressure and time – failure is simply not an option when they’re holding drinking water or toxic liquids.
Cooley has also leaned into sustainability, designing membranes that last longer and can be more easily recycled or repurposed at end of life. That fits neatly with Michelin’s public push for lower‑impact materials and longer‑lasting products.
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Tex Tech industries: aerospace and defence in its DNA
Tex Tech Industries, founded in 1904 and based in Maine, comes from another demanding universe: aerospace, aviation and defence. The company develops technical textiles that must withstand fire, extreme heat and intense abrasion, often in life‑or‑death scenarios.
Its products include materials used for rocket thermal protection, fire‑resistant aircraft seats and components for military gear. Clients rely on very precise performance: weight has to stay low, yet the fabric still needs to resist flames or sudden temperature shifts.
- Sector focus: aerospace, defence, high‑risk industrial uses
- Key features: fire resistance, thermal stability, high strength
- Typical buyers: aircraft manufacturers, space contractors, defence agencies
For Michelin, Tex Tech brings immediate credibility in sectors with high barriers to entry, where years of testing and certification stand between a supplier and a long‑term contract.
A diversification strategy written into “Michelin in Motion 2030”
These deals slot into the group’s “Michelin in Motion 2030” roadmap, launched in 2021. That plan aims for roughly 30% of revenue to come from non‑tyre activities by the end of the decade. The company wants to shift part of its effort toward advanced materials, service‑based mobility and premium customer experience.
Composite materials sit right in Michelin’s comfort zone. Tyres are complex structures: layers of rubber and reinforcements, carefully combined to manage heat, friction and stress. The same expertise in polymers, bonding and fatigue resistance can be applied to coated fabrics, medical membranes or aerospace textiles.
Instead of walking away from tyres, Michelin is extending its materials know‑how into sectors where safety margins – and margins in general – run higher.
The acquisitions also support its existing Orca brand, a European specialist in technical fabrics. With Cooley and Tex Tech, Michelin can build a portfolio that stretches from inflatable structures and environmental membranes to high‑end aerospace components, making cross‑selling easier between continents.
North American footprint gets a strategic upgrade
Both targets sit in New England, an area with deep industrial roots and a strong base of advanced manufacturing. For Michelin, that geography matters as much as the technology.
US government agencies and defence groups often prefer suppliers with domestic production, especially for sensitive applications. By owning Cooley and Tex Tech, Michelin gains local plants and longstanding relationships with American institutional customers.
The deals also come at a time when Washington and Ottawa are pushing for more resilient, local supply chains in critical fields such as medical equipment, energy infrastructure and defence. That trend could favour suppliers able to offer high‑performance materials without relying heavily on Asia‑based production.
Stronger US roots give Michelin a front‑row seat as North America tries to shorten supply lines for strategic industries.
Still the tyre champion, but with new growth engines
Michelin remains the world’s leading tyre maker by revenue, in a market estimated at about €225.6 billion today and projected to approach $394.6 billion by 2030. Demand is being reshaped by electric vehicles, stricter environmental rules and growth in emerging economies.
The group faces intense competition from Bridgestone, Goodyear, Continental and a growing cluster of Asian manufacturers. That creates an incentive to build revenue streams that are less exposed to swings in car sales or freight volumes.
| Rank | Company | Country | Estimated tyre revenue 2025 | Notable point |
|---|---|---|---|---|
| 1 | Michelin | France | ≈ €28bn | Leader, expanding into composites and services |
| 2 | Bridgestone | Japan | ≈ €27bn | Strong in Asia and the Americas |
| 3 | Goodyear | US | ≈ €17bn | Fleet‑focused, reinforced by Cooper deal |
High‑performance composites tend to carry healthier margins than standard tyres, especially when intellectual property and certification provide a protective moat. By ramping up this segment, Michelin is trying to smooth out the cycles of the automotive sector while keeping its technological edge sharp.
What “polymer composite solutions” actually means
For non‑engineers, the terminology can sound abstract. In simple terms, composites are materials created by combining at least two components with different properties, such as fibres and a polymer matrix, to obtain a result that is stronger, lighter or more durable than each part alone.
In Michelin’s case, “polymer composite solutions” usually involve a base fabric – often polyester, aramid or glass fibre – coated or impregnated with a polymer like PVC, polyurethane or advanced elastomers. The mix can be tuned to resist chemicals, UV radiation, high temperatures or mechanical wear.
Think of a hospital mattress cover that must resist repeated disinfection, or a flexible fuel tank on an aircraft wing that cannot leak even under violent temperature shifts. Behind those products sit detailed recipes for layers, coatings and bonding techniques.
Potential risks and scenarios for Michelin’s bet
The double US acquisition looks coherent, but it is not risk‑free. Integrating two century‑old manufacturers with their own cultures and client bases requires careful management. Any drop in quality or delays in certification could damage trust with aerospace, defence or medical customers.
There is also a technological challenge. The pace of innovation in technical textiles is accelerating, with competitors working on bio‑based polymers, recyclable composites and embedded sensors. Michelin will need sustained R&D spending to stay near the front.
On the upside, several scenarios look favourable. If governments keep tightening rules on water quality, hospital hygiene and industrial safety, demand for advanced membranes and fabrics should grow. If space and defence budgets remain high, Tex Tech’s markets could expand further.
For investors and industry watchers, the message is clear: Michelin is still betting on rubber, but it wants a bigger share of its future to come from silent, hidden fabrics sitting inside planes, hospitals and infrastructure projects, far away from the motorway shoulder.
