M&A

M&A

RPG Group's Ceat to acquire Camso brand from global tyre co. Michelin for $225-M

Business Standard   Camso  

CEAT , the publicly-listed RPG Group company, has acquired the Camso brand’s Off-Highway construction equipment bias tyres and tracks business from global tyre company Michelin for USD 225 million in an all cash deal.The deal includes two manufacturing facilities in Sri Lanka and the global rights to the Camso brand and is set to be completed within 6-9 months. CEAT will gain permanent ownership of the Camso brand across all categories after a three-year licensing period.Camso Inc., formerly known as Camoplast Solideal, is a manufacturer and service supplier of products for off-the-road vehicles. It serves the material handling, construction, agriculture and powersport industries. Camso manufactures and distributes pneumatic, airless and solid tires, tracks, driven and trailed conversion track systems and OEM undercarriages. The company is based in Quebec, Canada and has branches and manufacturing plants in America, Asia and Europe.