ERJ staff report (DS)
Mumbai, India -- Ceat Ltd., an RPG Group company, has formally announced that it is acquiring the “CEAT†Brand from Pirelli & C. SpA for 9 million Euro (Rs 550 million).
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.
This 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 “Altura†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 continue to hold exclusive license to use the brand Ceat in relation to both radial tyres in Europe, Latin America, Turkey and Mexico and cross-ply tyres in Latin America, Turkey and Mexico till December 31, 2011. The deal also includes a non-exclusive license to Pirelli to use the brand Ceat in relation to both radial and cross-ply tyres worldwide till December 31, 2012, excluding the nine countries where Ceat Ltd currently owns the brand completely. After December 31, 2012 Ceat Ltd. will be the exclusive owner of the Ceat brand in company business related territories all over the World.
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Press release from Ceat Ltd
