Michelin has announced that it is the proud new owner of Canadian off-road tire and track specialist Camso. The two parties have reached an agreement for the acquisition of Camso and the integration of its off-the-road operations with those of Michelin in order to form a new division that will be managed from Quebec.

Michelin stated that this new entity will be the “world leader in OTR mobility.”

The famous tire company announced its intention to merge its off-highway transportation business with Camso on July 12th, 2018. The announcement follows the signing of an agreement where Michelin will acquire the off-road tire company for US $1.45 billion.

“Michelin and Camso have many values in common,” said Jean-Dominique Senard, Chief Executive Officer of the Michelin Group, in the press release. “This acquisition is a wonderful mutual opportunity. Michelin will benefit from all of Camso’s skills in the off-the-road mobility markets and Camso from the full range of Michelin’s expertise in the specialty markets.”

“Joining up with Michelin’s off-the-road teams is a fantastic opportunity for Camso because of the similarity of our cultures as well as our growth potential,’ said Pierre Marcouiller, Executive Chairman of the Board of Directors of Camso Inc., in a statement. “Camso will achieve its ambition to become the global off-the-road market leader and will contribute its dynamic teams, its technical and manufacturing assets and its customer-focused mindset. The transaction has received the backing of all Camso’s shareholders.”

Camso is a designer, manufacturer and distributor of off-highway tires, wheels, rubber tracks and undercarriage systems for the material handling, construction, agricultural and power sports industries.