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Michelin agreed to buy Camso, a Canadian producer of rubber tracks for agricultural equipment and snowmobiles, for 1.45 billion US dollars, while the French shooter strengthens its hardware business specialized.
and head of Camso headquarters in Magog, Quebec, said Michelin in a statement Thursday. Camso, which also manufactures tires for material handling equipment, is making a turnover of 1 billion US dollars.
"This acquisition is a wonderful mutual opportunity," said Jean-Dominique Senard, Michelin's General Manager. "Michelin will benefit from all of Camso's skills in the off-road and Camso mobility markets from all of Michelin's expertise in specialty markets."
The acquisition is the second largest transaction of more than $ 1 billion announced by Michelin this year, and both are diversifying the company based in Clermont Ferrand, France, away from the tires of cars and trucks. Michelin decided in March to buy Fenner Plc, a UK-based manufacturer of conveyor belts, for around £ 1.2 billion ($ 1.6 billion), further strengthening its presence in mining equipment .
Camso ranks among the top three Michelin said The company, which owns a manufacturing site in Sri Lanka, has grown at an average of 7 percent per year since 2012.
Transaction values Camso at 1 , US $ 7 billion, including net debt, or 8.3 times earnings before interest, taxes, depreciation and amortization, after synergies. Michelin expects savings of US $ 55 million and an increase in sales by 2021.
Michelin also doubled its estimate of synergies from Fenner's acquisition to 60 million pounds, announced Thursday the company. , valuing the company at 18.6 billion euros ($ 21.7 billion).
The shareholders of Camso include Caisse de Dépôt et Placement du Québec, the second largest pension fund manager in Canada; QFL Solidarity Fund Quebec, supported by a union; Desjardins Group, the largest credit union in Canada; and three individuals
-With the help of Frederic Tomesco.
Bloomberg.com
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