By Stephen Nakrosis

Michelin on Friday said it acquired an 88% stake in Indonesian tire manufacturer PT Multistrada Arah Sarana TBK.

The French company said it paid $480 million for the stake.

Michelin said they are launching a public offer for the remaining outstanding shares of Multistrada.

Michelin said Multistrada generated net sales of $281 million in 2017. As part of the deal, Michelin also acquired a 20% stake in retailer PT Penta Artha Impressi.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

March 08, 2019 12:20 ET (17:20 GMT)

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