CEAT, a member of the RPG Group, has entered into a $225 million all-cash agreement to acquire Michelin’s Camso brand’s off-highway construction equipment bias tyres and tracks business. This acquisition includes global rights to the Camso brand after a three-year licensing period, as well as two manufacturing facilities located in Sri Lanka. In 2023, the business generated revenues of $213 million, making it a significant acquisition for CEAT as it expands its reach in the off-highway tyres (OHT) and tracks sector.
Camso, well-known in the off-highway construction equipment market, has a strong presence in Europe and North America in both the aftermarket and original equipment (OE) segments. Through this acquisition, CEAT aims to bolster its portfolio with high-margin products like agricultural tyres, harvester tyres, material handling tyres, and power sports tracks. This deal also enables CEAT to tap into a global customer base, including over 40 international OEMs and premium distributors, while strengthening its position in the growing OHT market.
CEAT’s acquisition aligns with its strategy to become a global leader in the OHT segment. Anant Goenka, Vice Chairman of RPG Enterprises, described the acquisition as a key milestone for CEAT, enhancing its global footprint in the tyre industry. Arnab Banerjee, Managing Director and CEO of CEAT, highlighted the alignment between Camso and CEAT’s growth strategies, especially in accessing premium customers and benefiting from the technological advancements in the track segment. Michelin expressed confidence that it would successfully manage the Camso business, with the transaction subject to regulatory approval.
CEAT (Cavi Elettrici e Affini Torino) is one of India’s leading tire manufacturers, renowned for its innovative, durable, and high-performance tire solutions. Established in 1958 and headquartered in Mumbai, it is a flagship company of the RPG Group.
The company produces a wide range of tires catering to various vehicle categories, including two-wheelers, passenger cars, commercial vehicles, and off-road applications. The company is recognized for its cutting-edge R&D and commitment to safety, fuel efficiency, and sustainability. With a robust manufacturing footprint and an extensive distribution network across India and beyond, it continues to set benchmarks in the tire industry, offering products that enhance driving experiences and address diverse mobility needs.
