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Michelin to sell Camso tire brand to CEAT
10 December 2024
Camso Solidair LT (Photo: Camso)
CEAT, part of RPG Enterprises, and Michelin have agreed to the sale of the latter’s Camso brand of off-highway tires. The cash deal is valued at approximately $225 million.
As part of the deal, CEAT will also acquire the Midigama Tyre Division and Casting Product DIvision plants in Sri Lanka.
Camso produces bias ply tires for a wide variety of off-highway applications, including construction and agriculture, together with machine tracks.
Michelin reported it is selling the Camso brand at the end of the recent three-year licensing period. The French tire group will focus on development and production of radial tires.
This goes along with the company’s Michelin in Motion 2030 strategy, which targets innovation and tech where they will achieve the most value.
CEAT (Cavi Elettrici e Affini Torino) was originally founded in Italy. It was purchased by Mumbai-based RPG Enterprises (formerly RPG Group) in 1982.
The company produces tires for a series of OEMs and exports products to more than 110 countries.
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