CEAT acquires Michelin's CAMSO compact construction line, announces USD 171 million Sri Lanka investment

CEAT has acquired Michelin Group's CAMSO Construction Compact Line Business, including two manufacturing facilities in Sri Lanka, as part of its strategy to expand in the Off-Highway Tyres (OHT) segment. The deal also gives CEAT rights to the CAMSO brand, which will transfer permanently after a three-year licensing period.

The transaction covers Michelin's Midigama tyre plant and the Casting Product plant in Kotugoda, Sri Lanka. With this acquisition, Michelin exits compact line bias tyres and construction tracks. CEAT said the integration strengthens its OHT portfolio and opens access to over 40 global original equipment manufacturers (OEMs) and premium distributors across Europe and North America.

The company also announced a USD 171 million investment in Sri Lanka to modernise operations and expand capacity. The investment will safeguard 1,483 jobs, reinforcing Sri Lanka's role as a global hub for OHT manufacturing.

Arnab Banerjee, Managing Director and CEO of CEAT, said the acquisition is a “pivotal step” in advancing the company’s long-term OHT vision. “We are confident that our enhanced strengths in products, capabilities, and markets will enable us to enter new geographies, expand our portfolio, and drive sustainable growth,” he said.