Indian tyremaker CEAT to buy Camso brand from France's Michelin for $225 million
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. 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.