Michelin, a leading manufacturer of tires, and Camso, a leading manufacturer of off-road wheels, tracks and tires, have announced an acquisition designed to make the combined group the world’s leading manufacturer of off-road mobility.
In a joint press conference, the companies announced the new unit, combining Michelin’s off-road division with Camso, will include all Camso subsidiaries and will be headquartered in Magog, Quebec, Canada, the headquarters of Camso for the past 18 years. Camso currently does all of its tire, wheel and track manufacturing in the United States in plants in Kansas and Iowa.
The company recently announced the opening of a new re-manufacturing track factory in Emporia, Kansas, and the planned opening of an additional new-track manufacturing facility nearby in Junction City, Kansas.
Michelin CEO Jean-Dominique Senard said the new company created from the merger is designed for growth and will create new job opportunities in Magog, although he could not quantify the expected growth, saying simply it is too early to make numerical predictions.
Pierre Marcouiller, Executive Chairman of the Board of Directors of Camso, said the announcement of the Michelin acquisition is a “very emotional and happy event."
“It’s a near-perfect match,” he said. “There is almost no overlap of products and the access that Michelin gets to Camso distribution and Camso gets to Michelin distribution is an opportunity to full a dream.”
Both companies stressed they are happy with the location of the headquarters in Magog, saying employees love the location.
Both executives stressed growth is the objective. They said no layoffs at either Michelin or Camso are expected as a result of the acquisition and the research and development branch at Magog is likely to be the first to see expansion.
Senard also said the Camso brand will “absolutely” be maintained.
“It would crazy to have that brand disappear,” he said. “Camso is a brand that has come to stand for the highest quality and dependability. It is a powerful and trusted brand and we absolutely want to make it part of the Michelin family of brands. We have a number of other trusted brands, including B.F. Goodrich in the United States.”