Michelin, Chandra Asri form joint venture to make synthetic rubber

17 June 2013 21:42  [Source: ICIS news]

HOUSTON (ICIS)--French tyre maker Michelin and a subsidiary of Indonesian petrochemical producer Chandra Asri have formed a joint venture to produce synthetic rubber in Indonesia, the companies announced on Monday.

Construction on the $435m (€326m) project is expected to begin in early 2015, with completion and start-up scheduled for early 2017, the companies said in a news release.

Michelin will own 55% of the company as it looks to establish more of a foothold in the southeast Asia tyre market, while Chandra Asri subsidiary Petrokimia Butadiene Indonesia (PBI) will own 45%.

PBI is looking to commence operations on its new 100,000 tonne/year butadiene (BD) extraction unit in Cilegon in July, the companies said. PBI parent company Chandra Asri also producers styrene monomer, another key tyre making component.

($1 = €0.75)

By: Jeremy Pafford
+1 713 525 2653

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