Clermont-Ferrand, France – Groupe Michelin has completed the acquisition of Magog, Quebec-based off-road tire maker Camso for $1.36 billion (€1.19 billion).
In a statement 19 Dec, the French tiremaker said the acquisition creates a leader in OTR mobility solutions, with 26 plants, roughly 12,000 employees and annual sales exceeding $2 billion.
Through studies and discussions with Camso, Michelin has identified significant opportunities to increase sales and reduce costs, thereby unlocking up to $55 million in synergies by 2021.
Camso has been described by Michelin as “market leader” in rubber tracks for farm equipment and snowmobiles, and in solid and bias tires for material handling equipment.
It also ranks among the top three players in the construction market, in track and tire solutions for small heavy equipment.