ERJ staff report (DS)
Mumbai, India -- RPG Group company, has officially announced that it is acquiring worldwide rights to the â€œCeat â€ Brand from Pirelli & C. SpA for 9 million Euro (Rs 55 crore). Ceat Ltd. is currently the owner of the Ceat brand in 9 South Asian countries: India, Sri Lanka, Bangladesh, Myanmar, Pakistan, Bhutan, Nepal, Afghanistan and Vietnam. Pirelli is the owner of the Ceat Trademark in the rest of the world. Ceat Ltd will be the exclusive owner of the Ceat brand worldwide from the end of 2012.
Ceat said the acquisition will enable the company to export radial and cross-ply tyres to the whole world, under the Ceat brand name. Ceat currently exports its tyres to Europe and South America in the â€œAlturaâ€ brand. It will now be able to export in the Ceat brand, which is well established in these regions. It will also allow the company to outsource tyres from any country under the Ceat brand.
Pirelli will retain the exclusive license to the Ceat brand in relation to both radial tyres in Europe, Latin America, Turkey and Mexico and cross-ply tyres in Latin America, Turkey and Mexico until December 31, 2011. The deal permits Pirelli to continue using the Ceat name in its existing territories until the end of 2012.
Ceat Ltd., the flagship company of RPG Enterprises, was established in 1958. Today, Ceat is one of India's leading tyre manufacturers and has a strong presence in both domestic & international markets.
This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.
Press release from Ceat Ltd
http://bit.ly/i2N7LF The Hindu Business Line (India)
CEAT charts expansion plans for international market Silicon India (India)
Ceat plans global push with new factory Business Standard (India)
Tyre production from Halol to start by Jan 2011: Goenka Business Standard (India)
Ceat aims to up revenue to Rs 1000 cr in 3 yrs: Goenka Stock ON (India)