Michelin has completed the $1.36 billion ($AU1.93 billion) acquisition of Camso, a market leader in rubber tracks for farm equipment and snowmobiles, and in solid and bias tyres for material-handling equipment.
Reporting net sales of US$1 billion, Camso has been designing, manufacturing and marketing OTR mobility solutions since 1982. It ranks among the top three players in the construction market, in track and tyre solutions for small heavy equipment.
Michelin says that Camso has grown rapidly, expanding at an average pace of 7 per cent per year since 2012. The company says that by joining forces with Camso, it will create the world’s number one OTR market player, headquartered in Quebec, Canada.
The new entity will represent more than double the net sales of Camso, supported by 26 plants and approximately 12,000 employees.