Michelin: sells two plants in Sri Lanka

(CercleFinance.com) - Michelin announces the sale, to CEAT group, of two plants in Sri Lanka, dedicated to the market for bias and track tyres for compact construction equipment.
The Camso brand will also be sold at the end of a three-year licensing period.

The group says that this transaction remains subject to regulatory approvals from the relevant authorities, and that its valuation corresponds to an EBITDA multiple of 4.6x (adjusted EBITDA, base 2023).

The tyre manufacturer will also cease production of bias tyres at its Olsztyn plant in Poland. These decisions are in line with the company's strategy of concentrating its efforts on markets and segments that make the most of its innovations and technologies.


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