CEAT Limited Has made a significant progress in its growth strategy for off-highway tires (OHT) by officially taking over the Camso Construction Compact Line division of the Michelin Group, including the plant based in Sri Lanka in Midigama and the plant for cast products in Kotugoda. With this transaction, Ceat also acquires the worldwide property of the Camso brand, which is permanently assigned across the category after a three -year licensing phase.
The takeover of the Camso brand by CAT is an important milestone on the way to a leading global player in the margin-strong OHT segment. Ceat has built up a strong portfolio for agriculture in the past ten years. Together with the expertise of Camso in the area of the caterpillars and tires for compact construction machines and capital participation in the EU and in North America, the combined strengths open the doors to over 40 global OEMs and first-class international OHT sales traders and accelerate the vision of becoming a worldwide provider of off-highway mobility. Michelin will withdraw from the business with compact diagonal tires and buildings.
Ceat also announced an investment of US $ 171 million in Sri Lanka over the next three years, which should secure 1,483 jobs and strengthen the role of the country as a global OHT turn.
HE Santsh Jha, High Commissioner of India in Sri Lanka, said: “I would like to send Ceat Limited to my best wishes for her investment in Sri Lanka. India has been the largest source of foreign direct investment in Sri Lanka in recent years, and I am pleased that this trend continues. The deepening of the investment -based partnership between the two countries has been driven by the leadership of both countries. Creating. Since the Indian private sector is investing in Sri Lanka, I am confident that the economic and trade relationships between the two countries will continue to consolidate. “
Arnab Banerjee, MD and CEO, Ceat Limitedsaid: “The integration of Compact machines Construction machines and the takeover of the Camso brand is a crucial step to promote the long-term vision of CEAT, to become an important player in the area of mobility. We are confident that with our improved products, skills and markets we will be able to open up new regions, to expand our portfolio and to achieve sustainable growth in the coming years. “
The integration of the premium brand Camso and the manufacturing capacities for construction compact systems into the CEAT is a crucial step on our way, “said Amit Tolani, Chief Executive, CEAT Specialty. ” Our immediate focus is on a seamless transition, ensuring customer satisfaction and further strengthening our activities in Sri Lanka. “
With the recording of the compact construction machinery from Camso in the CAT portfolio, CAT confidently heads for his vision of becoming the most trustworthy name for OHT and chains.
Photo: https://mma.prnewswire.com/media/2763464/CEAT_Officials_with_IHC.jpg
