Miche­lin agrees to buy Que­bec off-road tire maker Camso for $1.91B

The Beacon Herald - - BUSINESS -

MON­TREAL — Miche­lin says it has reached agree­ment to pur­chase Que­bec off-road tire maker Camso for about $1.91 bil­lion.

The French-based tire gi­ant says the ac­qui­si­tion will cre­ate the world’s largest off-the-road di­vi­sion.

Camso, a pri­vately held com­pany based in Ma­gog, Que., has been in busi­ness since 1982 and is a mar­ket leader in rub­ber tracks for farm equip­ment and snow­mo­biles.

It also serves the con­struc­tion mar­ket by pro­vid­ing tracks and tires for small heavy equip­ment.

Camso, which has more than $1 bil­lion in an­nual sales, has grown by an av­er­age of seven per cent an­nu­ally since 2012.

Miche­lin’s new di­vi­sion will have 26 plants and about 12,000 em­ploy­ees of which 7,700 will come from Camso.

Miche­lin says Camso’s 300 head­quar­ters jobs, in­clud­ing 100 in re­search and de­vel­op­ment, along with pro­duc­tion jobs in Que­bec, will be main­tained.

Camso has a man­u­fac­tur­ing pres­ence in emerg­ing mar­kets, par­tic­u­larly in Sri Lanka and Viet­nam.

THE CANA­DIAN PRESS FILES

Miche­lin is buy­ing Que­bec’s farm-tire man­u­fac­turer Camso for $1.91 bil­lion. Pres­i­dent of the Miche­lin Group, Jean-Do­minique Se­nard, poses prior to a press con­fer­ence in Paris, Tues­day, Feb. 14, 2017.

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