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Mostly associated with conventional tractor tyres, Indian tyre manufacturer Ceat is reported to have bought the Camso off-highway tyre and track business from Michelin for about US$225 million (NZ$400 million).
The deal gives Ceat global ownership of the Camso brand, which currently enjoys a strong position with its materials handling tyres, tractor and harvester tyres and tracks in both Europe and North America.
As well as widening its product base, the deal is also said to offer Ceat access to a global customer base of more than 40 international OEMs, including all the major brands and distributors.
While there was no mention of the deal at the recent Italian EIMA show in Bologna, Ceat management did talk of ambitious plans to grow its rubber track business to become a global player in the high margin off-highway segment, particularly with tractors and combines in Europe and North America.
Prior to the deal, the Indian manufacturer’s rubber track portfolio was limited to only two tractor and two harvester track offerings. It’s two plants making rubber tracks in Bombay will soon to be bolstered by the two Camso plants in Sri Lanka.
Michelin acquired Camso in 2018. In 2023, the Canadian-based company achieved revenues of approx. US$213 million (NZ$380 million), with the proposed deal subject to regulatory approvals from the relevant authorities.
The market is in decline in the United States, Canada and Brazil. In Europe, sales are falling in Germany, France and Spain. Turkey is experiencing a sharp decline, whilst the economic strategies and policies implemented by India and China are driving purchases in both countries.
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