Sherbrooke, Québec, Canada – 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.”ABOUT SOLIDEAL
Solideal is dedicated to serving the tire, wheel and rubber track needs of the world's material handling and construction industries. 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. The Solideal Group employs over 6,000 people worldwide, many of whom work at Solideal’s manufacturing operations in Sri Lanka (Loadstar) and China. Loadstar is a wholly-owned subsidiary of Solideal and has six manufacturing sites for all company products.
For more information, visit www.solideal.comABOUT CAMOPLAST INC
Camoplast Inc. is a Canadian privately-owned company that is composed of two groups; Camoplast Tracks & Systems (headquartered in Magog, Quebec, Canada) and Camoplast Polymer Solutions (headquartered in Sherbrooke, Quebec, Canada) employing 1,400 people worldwide.
Camoplast Tracks and Systems is a world leader in rubber tracks and systems. It has R&D facilities based in Canada and Korea and manufacturing sites in United States, Canada, Korea and Europe.
Camoplast Polymer Solutions is a North America leader in under-the-hood components mainly, engine covers, bottles and air ducts. It is headquartered in Sherbrooke with R&D centers in Canada and manufacturing sites in Canada and United States.
For more information, visit www.camoplast.com
For information please contact:
819-868-1500 ext 3348