Camoplast Inc. this week announced its acquisition of the Solideal Group, a company dedicated to serving the tire, wheel and rubber track needs of the 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 about 7,300 employees. The transaction is expected to generate significant synergies and flexibility in purchasing, manufacturing, logistics and in R&D.
"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 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 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, CEO of Solideal Group. “The pooling of our two companies’ strengths will add value to our stakeholders: customers, employees, shareholders and suppliers.”
Headquartered in Luxembourg, Solideal has R&D facilities based in Europe and Asia, manufacturing sites in Europe, North America and Asia, and more than 100 distribution and service locations throughout the world. For more information, visit www.solideal.com.
Camoplast Inc. is a privately owned company composed of two groups: Camoplast Tracks & Systems and Camoplast Polymer Solutions, both headquartered in Quebec. Camoplast Inc. employs 1,400 people worldwide. For more information, visit www.camoplast.com.
