Sherbrooke, Quebec -- Canadian rubber track maker Camoplast Inc. has agreed to buy industrial tyre maker Solideal Group for an undisclosed price.
The transaction is subject to regulatory approvals and is expected to close in October, Camoplast said. The integrated company will operate under the name of Camoplast Solideal Inc. The Solideal and Camoplast brands will continue to be managed independently, the company said.
Both companies have extensive expertise in polyurethanes, Solideal in PU tyres, and Camoplast in LFI (long fibre-injection) composites using polyurethane, for the marine and other markets.
The two companies are developing integration plans built on the cultural similarities, respective strengths and the best business and product development practices, Sherbrooke-based Camoplast said.
Solideal, which has its headquarters in Luxembourg, makes tyres, wheels and rubber tracks for materials-handling and construction applications. It maintains R&D facilities in Europe and Asia, manufacturing sites in Europe, North America and Asia, and more than 100 distribution and service locations throughout the world.
Solideal Group employs more than 6000 worldwide, many of whom work at Solideal's manufacturing operations in Sri Lanka (Loadstar) and China.
Camoplast is a privately owned company composed of two groups: Camoplast Tracks & Systems (with headquarters in Magog, Quebec) and Camoplast Polymer Solutions (based in Sherbrooke) employing about 1400 worldwide.
Camoplast Tracks and Systems has R&D facilities in Canada and South Korea and manufacturing sites in the US, Canada, Korea and Europe.