Canada-based Camoplast Inc. has acquired Solideal Group, which serves 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 slated to take place in October, Camoplast said.
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. 7,400 employees. The transaction should generate significant synergies and flexibility in purchasing, manufacturing, logistics and in R&D, according to Camoplast.
“Both Camoplast and Solideal employ dedicated and focused people, sharing similar values such as teamwork and empowerment,” said Pierre Marcouiller, chairman of the board and CEO 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 sharing of the best tools and practices.”
Headquartered in Luxembourg, Solideal has R&D facilities based in Europe and Asia, manufacturing sites in Europe, North America and Asia, and over 100 distribution and service locations throughout the world. Camoplast is a privately-owned company composed of two groups: Camoplast Tracks & Systems, headquartered in Magog, Quebec; and Camoplast Polymer Solutions, headquartered in Sherbrooke, Quebec. The company employs roughly 1,400 worldwide.
