CEAT Acquires CAMSO Off-Highway Tires from Michelin

CEAT acquires CAMSO off-highway tire and tracks business from Michelin for $225M, including $213M in 2023 revenue, brand rights, and two manufacturing facilities.

Sri Lanka - CEAT Ltd., a tyre manufacturing company, acquired MICHELIN., a tyre manufacturing company’s CAMSO brand off-highway construction equipment bias tire and tracks business. The all-cash deal, valued at approximately $225 million, includes a business generating $213 million in revenue for 2023, global rights to the Camso brand, and two advanced manufacturing facilities.

Camso, a premium brand in construction tires and tracks with strong market presence in the EU and North America, will enhance CEAT's Off-Highway Tires (OHT) portfolio, including agriculture and material handling segments. Michelin will exit compact bias tires and construction tracks operations.

The acquisition marks a major step for CEAT in its journey to becoming a global leader in the high-margin Off-Highway Tires (OHT) segment. Over the past decade, CEAT has built a robust OHT portfolio with over 900 products, covering 84% of the agricultural segment’s requirements. Adding Camso to its portfolio will allow CEAT to expand into tracks and construction tires while gaining access to a global customer base, including 40+ international OEMs and premium distributors. Camso, in turn, benefits from CEAT's expertise in agriculture tires, with both brands complementing each other in positioning and capabilities.

Mr. Amit Tolani, Chief Executive at CEAT Specialty, said, “This acquisition is a transformative step for CEAT Specialty as it significantly enhances our capabilities in the Off Highway tyres and tracks segment. By integrating Camso’s manufacturing expertise and innovation-driven approach, we are poised to provide even greater value to our customers. We look forward to building on the legacy of the Camso brand while strengthening our position as a one stop shop of all off-highway tire and track needs.”