CEAT and Michelin, the world's leading tire manufacturer, announced a definitive agreement for CEAT to acquire Camso's Off-Highway construction equipment bias tire and tracks business from Michelin in an all-cash deal valued at approximately $225 million. It will also acquire the two state-of-the-art manufacturing facilities in Sri Lanka.

CEAT's existing OHT business is already robust, with over 900 product offerings covering 84% of the agricultural segment. The acquisition of Camso will further strengthen CEAT's position in the OHT market. It will enable CEAT to expand its product range into tracks and construction tires, thereby catering to a wider customer base.

Moreover, the acquisition will provide CEAT access to a global network of over 40 international OEMs and premium OHT distributors. This will help CEAT to expand its market reach and increase its sales. Additionally, CEAT's strong presence in the agricultural tire segment offers Camso opportunities to expand its business in this area.

Anant Goenka, Vice Chairman, RPG Enterprises said, "This acquisition has significant strategic consequences for CEAT... Camso is an industry-leading brand... We found a great cultural alignment between Camso and CEAT because of our TQM way of working."

Arnab Banerjee, MD & CEO, CEAT said, "The Camso brand is an excellent fit with the growth strategy of CEAT's Off-Highway Tyre business... Access to the most premium customers, a high-quality brand and a qualified global workforce is what excites us the most about this acquisition."

Nour Bouhassoun, Senior Vice President, Beyond Road Business Line at Michelin said, "Michelin firmly believes that CEAT is the right fit to carry on our bias tyres and tracks for compact construction equipment business... With this operation, Michelin is continuing to reshape its Beyond Road business, in line with the Group's sustainable growth strategy."

Both CEAT and Michelin are committed to ensuring a smooth transition for employees, suppliers, and customers. The transaction is subject to regulatory approvals.

CEAT, an RPG company, is a leading Indian tire manufacturer offering passenger car, two-wheeler, truck and bus, light commercial vehicle, and off-highway tires. They cater to leading original equipment manufacturers (OEMs) and export to over 110 countries. Notably, CEAT is the first tire brand globally to receive the Deming Grand Prize for Total Quality Management and the first to be awarded "Lighthouse Designation" for Industry 4.0 adoption by the World Economic Forum.

RPG Enterprises is one of India's fastest-growing business groups with a market capitalization exceeding $8 billion. The group has a diversified portfolio across infrastructure, tires, pharmaceuticals, IT, specialty chemicals, and innovation-driven technology businesses.