Ceat acquiring Camso business from Michelin | European Rubber Journal
Summary
Mumbai, India – Ceat Ltd is to acquire the Camso off-highway construction equipment bias tire and tracks business from Michelin, the parties announced 6 Dec. With the $225-million (€212 million) acquisition, the Indian tire maker will gain global ownership of the Camso brand along with two manufacturing facilities in Sri Lanka. Ownership of the Camso brand will follow a three-year licensing period, added Ceat, noting that the acquired operations generated 2023 sales of $213 million. Michelin will thus exit from the activities related to compact line bias tires and construction tracks, explained the joint statement. According to the Ceat leader, Camso’s track business operates in “a technologically superior segment” with a limited number of global players. Michelin acquired Magog, Quebec-based Camso for $1.36 billion in late 2018 to expand its off-road product offerings.