Tyre maker Ceat has completed the acquisition of French firm Michelin Group’s Camso construction compact line business, including its plants in Midigama and Kotugoda in Sri Lanka, the company said on Monday.
This transaction grants Ceat global ownership of the Camso brand, which will be permanently assigned across categories after a three-year licensing period.
In December 2024, RPG Group flagship Ceat signed a definitive agreement for the acquisition for $225 million (`1,905 crore). It is the Mumbai-based company’s first-ever acquisition.
Camso is a premium brand in off-highway construction equipment tyre and tracks segment with strong equity and market position in the European Union and North America aftermarket and original equipment segments.
Over the past decade, Ceat has built a strong agricultural portfolio, and with Camso’s expertise in compact construction equipment tracks and tyres, the combined strengths open doors to over 40 global OEMs and premium international OHT distributors.
Michelin will exit from the activities related to compact line bias tyres and construction tracks.
Arnab Banerjee, MD & CEO, Ceat, said, “The integration of compact construction equipment business and the acquisition of the Camso brand is a pivotal step in advancing Ceat’s long-term vision of becoming a significant player in off highway mobility.”
“We are confident that our enhanced strengths in products, capabilities, and markets will enable us to enter new geographies, expand our portfolio, and drive sustainable growth in the years ahead,” Banerjee added.