The Michelin Group has acquired Levorin, a Brazilian manufacturer of bicycle and motorcycle tyres.
The family business, founded in 1943 by Hercules Levorin, has specialised in the production of tyres for the commuter segment in Brazil. In 2015, Levorin had an annual turnover of $200 million and employs 2,000 people at its two plants in Sao Paulo and Manaus.
Michelin says the acquisition has two strategic objectives: to consolidate its presence in Brazil and strengthen the global development of its two-wheel tyre ranges. More specifically to strengthen its position in the significant, and expanding, commuter segment. For Levorin, this acquisition will provide the resources to ensure its future growth and sustainability.
The offer to purchase is subject to closing conditions and also subject to the approval of the Brazilian competition authorities.