CEAT Limited has announced a major step in its global expansion strategy with the acquisition of Michelin Group’s CAMSO Construction Compact Line Business, including the Midigama tyre plant and the Casting Product facility in Kotugoda, Sri Lanka. The deal also grants CEAT full ownership of the CAMSO brand, which will transition permanently to the Indian tyre major after a three-year licensing period.
The acquisition strengthens CEAT’s position in the high-margin Off-Highway Tyres (OHT) market, adding CAMSO’s expertise in compact construction tracks and tyres to CEAT’s established agricultural portfolio. With the deal, CEAT gains access to more than 40 global OEMs and premium distributors across Europe and North America, significantly expanding its global footprint. Michelin, in turn, will exit compact line bias tyres and construction tracks.
CEAT will invest US$171 million in Sri Lanka as part of the integration, safeguarding 1,483 jobs and reinforcing Sri Lanka’s role as a strategic OHT hub.
Arnab Banerjee, MD & CEO, CEAT Limited, described the acquisition as “a pivotal step” in the company’s long-term strategy.
“The integration of CAMSO’s compact construction business and brand strengthens our capabilities and product portfolio, positioning CEAT as a serious global player in Off-Highway mobility.”
Amit Tolani, CEO of CEAT Specialty, added that the company’s focus will be on ensuring a seamless transition while bolstering its operations in Sri Lanka.
The deal marks a transformative milestone for CEAT, which now aims to establish itself as one of the most trusted names worldwide in Off-Highway tyres and tracks.