CEAT share price jumps over 10% to a record high on acquisition of Camso’s Off-Highway tyre and tracks business
CEAT share price jumped over 10% to hit a record high after the company announced entering into a definitive agreement to acquire Camso brand’s Off-Highway construction equipment bias tyre and tracks business from Michelin in an all-cash deal valued at about $225 million.
The transaction will include the business with revenues of around $213 million for CY 2023 and global ownership of the Camso brand along with two manufacturing facilities.
“The acquisition will expand CEAT’s product portfolio in the high margin Off-Highway Tyres (OHT) and tracks segments, which includes agriculture tyres and tracks, harvester tyres and tracks, power sports tracks and material handling tyres,” CEAT said in regulatory filing on December 6.
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