Michelin has concluded the acquisition of Canadian OTR mobility solution provider Camso in the middle of December. Michelin acquired the Camso at a total consideration of US$1.36 billion as announced in July 2018.
Camso, formerly known as Camoplast Solideal, is a privately-owned firm, manufacturer and service supplier of products for off-the-road vehicles since 1982.
Regarded as a market leader in rubber tracks for farm equipment and snowmobiles, and in solid and bias tyres for material handling equipment, Quebec headquartered firm reporting net sales of $1 billion.
The company also ranks among the top three players in the construction market, in track and tyre solutions for small heavy equipment. Leveraging its technological leadership in tracks and related systems, its competitive manufacturing footprint, particularly in Sri Lanka, and strong customer awareness of its CAMSO and SOLIDEAL brands, Camso has demonstrated its ability to grow rapidly, expanding at an average pace of 7% per year since 2012.
Michelin will create the world’s number one OTR market player, after joining forces with Camso. The business will benefit from the expertise of Camso’s management team and Michelin’s long-standing presence in Canada, both in Laval, Quebec and in Nova Scotia.
As world leader, the new entity will represent more than double the net sales of Camso, supported by 26 plants and approximately 12,000 employees and will benefit from sustainably dynamic markets.
Camso operates 17 production facilities, 3 R&D centers & commercial operations in 100 countries.