Tire maker Cie Generale des Etablissements Michelin (ML.FR) and PT Petrokimia Butadiene Indonesia, a unit of PT Chandra Asri Petrochemical (TPIA.JK), Monday said they signed an agreement to create a joint venture to produce synthetic rubber.

MAIN FACTS:

- Total investment for the creation of the joint venture is estimated at $435 million.

- The new company will be owned 55% by Michelin and 45% by PBI.

- Pending final investment decision, plant construction is expected to commence in early 2015 with completion and start-up targeted for the beginning of 2017.

-Write to Ruth Bender at ruth.bender@dowjones.com

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