The Camoplast Solideal combination will create a world leader in industrial tires, rubber tracks and undercarriages with a strong presence in construction tires and wheels.
Camoplast Inc. today announced the acquisition of the Solideal Group, a company dedicated to serving the tire, wheel and rubber track needs of the world's material handling and construction industries. The closing of the transaction is subject to regulatory approvals and is estimated to take place in October, 2010.
The integrated company will operate under the name of Camoplast Solideal Inc. with a significant participation of the current shareholders of Solideal in the ownership of the company. Solideal and Camoplast brands will continue to be managed independently.
Camoplast Solideal Inc. will operate R&D and manufacturing facilities in North America, Europe and Asia, with a workforce of approx. 7,300 employees. The transaction should generate significant synergies and flexibility in purchasing, manufacturing, logistics and in R&D.
Integration
The two companies are developing integration plans that build on the cultural similarities, respective strengths, and the best business and product development practices.
"Both Camoplast and Solideal employ dedicated and focused people, sharing similar values such as team work and empowerment" said Pierre Marcouiller, Chairman of the Board and Chief Executive Officer of Camoplast. "Our combined teams will be a powerful force for innovation around their particular line of products. Together we will also benefit from a strong financial structure and the access and sharing of the best tools and practices."
“Camoplast and the Solideal Group will together offer customers a more value-added solution to mobility challenges,” said Paul Gaines, Chief Executive Officer of Solideal Group. “The pooling of our two companies’ strengths will add value to our stakeholders: customers, employees, shareholders and suppliers.”