CEAT Limited has acquired Michelin Group’s CAMSO Construction Compact Line Business, including the Midigama plant and Casting Product plant in Sri Lanka. The transaction gives CEAT ownership of the CAMSO brand, which will be permanently assigned across categories after a three-year licensing period.
As part of the acquisition, CEAT announced an investment of USD 171 million in Sri Lanka. The company stated that the move will secure 1,483 jobs and strengthen its operations in the country. The acquisition also provides CEAT access to more than 40 global OEMs and premium distributors in Europe and North America. Michelin will exit activities related to compact line bias tyres and construction tracks.
“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,” said Arnab Banerjee, MD & CEO, CEAT Limited.
“The integration of CAMSO’s premium brand and construction compact line manufacturing capabilities into CEAT is a transformative step in our journey. Our immediate focus is on seamless transition, ensuring customer satisfaction and further strengthening our operations in Sri Lanka,” said Amit Tolani, Chief Executive, CEAT Specialty.
CEAT, part of the RPG Group, manufactures tyres for passenger cars, two-wheelers, trucks, buses, light commercial vehicles, and off-highway vehicles. It supplies to OEMs and also exports to over 110 countries. The company has been recognised with the Deming Grand Prize for Total Quality Management and has received the Lighthouse Designation for Industry 4.0 adoption from the World Economic Forum.