Finance
Indian tyremaker CEAT to buy Camso brand from France's Michelin for $225 million
Published by Global Banking & Finance Review®
Posted on December 6, 2024
1 min readLast updated: January 27, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on December 6, 2024
1 min readLast updated: January 27, 2026
CEAT will acquire Michelin's Camso brand for $225 million, aiming to expand into higher-margin tyres amid rising rubber costs.
(Reuters) - India's CEAT said on Friday it would buy French tyremaker Michelin's Camso brand for $225 million, as it looks to expand into higher-margin tyres at a time when elevated rubber prices have eaten into its profits.
Camso, a Canadian brand that Michelin acquired in 2018 for $1.45 billion, makes tyres that are fitted into heavy-duty vehicles such as tractors, harvesters and bulldozers.
"The Camso brand is an excellent fit with the growth strategy of CEAT's off-highway tyre business, thereby improving our margin profile," CEAT MD and CEO Arnab Banerjee said.
Indian tyremakers have been struggling with surging prices of rubber, their key raw material.
CEAT missed its September-quarter profit estimates on higher material prices and weak demand due to a drop in car deliveries to dealers in the September quarter.
The company is the third largest Indian tyremaker by sales and competes with MRF and Apollo Tyres, among others, in the domestic market.
CEAT said it will own two manufacturing facilities of Michelin in Sri Lanka following the deal.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Shinjini Ganguli)
The main topic is CEAT's acquisition of the Camso brand from Michelin for $225 million.
CEAT aims to expand into higher-margin tyres and improve its margin profile amid rising rubber costs.
Camso specializes in tyres for heavy-duty vehicles like tractors and bulldozers.
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