By Robert Gibbens
Sherbrooke-based Camoplast, a family-owned maker of tires, wheels and rubber-track assemblies for snowmobiles, ATVs and farm and construction vehicles, is joining forces with Europe's Solideal group to gain traction in global markets.
The two companies will form jointly-owned Camoplast Solideal Inc. with annual sales of $700 million U.S., research facilities and manufacturing plants in North America, Europe and Asia and a workforce of 7,400. Financial details of the merger were not disclosed.
Pierre Marcouillier, CEO of Camoplast, will be at the helm of the enlarged company. "Our combined teams will be a powerful force for innovation ... and we'll benefit from a strong financial structure and production base ... we already have complementary products and customers."
The Camoplast and Solideal brands will continue to be managed independently, he said.
Camoplast now has 1,400 employees in Canada, the U.S., Korea and Europe, specializing in tracks and systems and plastic products, including under-the-hood parts, engine covers, bottles and air ducts. It makes plastic decks and hulls for Bombardier Recreational Products and Kawasaki watercraft.
Solideal, privately-held and based in Luxembourg, has a 6,000-strong workforce mainly at its plants in Sri Lanka and China. Besides manufacturing sites in Europe, North America and Asia, it operates more than 100 distribution and service locations worldwide.