Michelin completed the acquisition of Camso on December 18, 2018, under the terms announced on July 12, 2018 and after obtaining all of the necessary approvals for the transaction. A total consideration of $1.36 billion was paid for the acquisition, Michelin says ina Press release.
Reporting net sales of $1 billion, Camso has been designing, manufacturing and marketing OTR mobility solutions since 1982. Camso is a market leader in rubber tracks for farm equipment and snowmobiles, and in solid and bias tyres for material handling equipment.
By joining forces with Camso, Michelin will create the world’s number one OTR market player, headquartered in Quebec. As world leader, the new entity will represent more than double the net sales of Camso, supported by 26 plants and approximately 12,000 employees and will benefit from sustainably dynamic markets.