The Camso facility in southeast Emporia has a new owner.
Tire-making giant Michelin has completed a $1.45 billion deal to buy Camso, which makes rubber tracks for farm equipment and snowmobiles as well as tires for material-handling equipment. Bloomberg says the two companies will combine their off-road operations unit and have headquarters at Camso’s complex in Magog, Quebec.
Bloomberg says Camso had sales of $1 billion. Michelin Chief Financial Officer Marc Henry quoted Camso’s growth stats of around 4 percent a year as one of the reasons the merger is a “perfect fit” for both companies.
Before Michelin announced its merger plans this summer, Camso announced a remanufacturing program for tracks and wheels. At the time, Service and Aftermarket Sales Executive Director Martin Lunkenbein said the program, where ag producers could return their used Camso wheels or tracks for remanufacturing, was designed to extend the life cycle of Camso products and save producers money at the same time.
Lunkenbein said the Emporia plant made sense for a lot of reasons.
Bloomberg says Michelin has agreed to keep Camso’s headquarters in Quebec and does not see major job cuts in France. The move is expected to make Michelin the world’s top over-the-road market player.
KVOE News has reached out to both companies seeking comment on the local impact of this merger.
Click here for KVOE News’ prior coverage on the Camso track remanufacturing program
