Sri Lankan tyre manufacturer gearing to become part of world renowned Michelin tyre company
Sri Lanka tyre maker Loadstar, is set to become part of Michelin, with its parent being taken over by the French group, a local media report has stated.
According to the report, Michelin will pay US$ 1.45 billion to buy Camso, a Canadian tyre firm which now controls Sri Lanka’s Loadstar.
Loadstar was founded by a Belgian investor and rubber technologist and Jinasena, a Colombo-based engineering group, which was later taken over by Camso, the report has further stated.
The firm has a plant in Ekala, north of Sri Lanka’s capital Colombo.
OSL take:
Sri Lankan tyre manufacturer, Loadstar would reach international standards once it becomes a part of the world renowned French group, Michelin. The confidence expressed by Canada’s Camso in the local company, which is now being brought over by Michelin indicates the level of confidence foreign businesses have on Sri Lankan business ventures and the ability to further develop such operations. Other foreign companies could also look at exploring investment ventures in Sri Lankan companies.
| Article Code : | VBS/AT/20180718/Z_4 |