Michelin announced an agreement with Indonesia's PI Petrokimia Butadiene Indonesia (PBI), a wholly owned subsidiary of PT Chandra Asri Petrochemical Tbk (CAP) to manufacture Synthetic Rubber with an investment estimated at $435 million. Plant construction is expected to commence in early 2015 with estimated start-up expected in the beginning of 2017. The new company will be owned 55% by Michelin and 45% by PBI.
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