Friday, 05 October 2018 15:28

Michelin adds a star

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Tyre giant Michelin is to spend US$1.45 billion buying Camso, a well-known maker of rubber tracks for farm machines and snowmobiles.

Interestingly, it calls itself a ‘road-free company’: besides agriculture it also makes solid tyre equipment for earthmovers and forklifts.

The two companies will bring their off-road divisions together to form a new operation in Quebec, Canada.  

The new entity, expected to be the world leader in off-road mobility, will “provide customers with a range of premium radial tyres and tracks”. 

The merger is expected to speed new track and airless tyre technologies such as the already-released Michelin Tweel.

Michelin forsees higher sales and a likely cut in costs of up to $55 million by 2021.

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