Michelin to Acquire Canada's Camso for $1.45 Billion
July 12 2018 - 9:40AM
Dow Jones News
By Max Bernhard
Compagnie Generale des Etablissements Michelin (ML.FR) said
Thursday that it is acquiring Canadian offroad-tire maker Camso for
$1.45 billion in order to expand its specialty tire operations.
Michelin said it plans to merge the two companies' off-the-road
operations into a new division.
The company expects opportunities from the deal to increase
sales and reduce costs, as well as potential synergies of $55
million by 2021, it said.
Michelin's chief financial officer, Marc Henry, said the two
operations were "absolutely complementary" with "not one product in
competition."
"They are present where we aren't and vice versa," he said.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
July 12, 2018 09:25 ET (13:25 GMT)
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