Jul 16, 2018 (LBO) - Michelin, a tire company has acquired Camso, an off-the-road (OTR) track and tire company, for US 1.45 billion dollars. The two companies’ off-the-road operations will be combined and create a new division managed in Magog, Quebec (Canada).A press statement claims, “The strategic partnership makes the newly created entity the world leader in OTR mobility.” Camso ranks among the top three companies in making tracks and tires for construction equipment, Michelin said. The company, which has a manufacturing site in Sri Lanka, has grown at an average of 7 percent a year since 2012. Since 1982 Camso has been designing, manufacturing, and marketing OTR mobility solutions rising to be a market leader in rubber tracks for farm equipment. The company employs more than 7,500 people in 26 countries. It also operates three advanced R and D centers along with 22 manufacturing plants in 10 different countries. “The specialty-tire market is by far the fastest-growing,” Michelin Chief Financial Officer Marc Henry was quoted as saying, putting growth at around 4 percent a year. “This merger is a perfect fit for Michelin and Camso.” Michelin shares rose as much as 2.5 percent after the news. The deal is Michelin’s second acquisition this year worth more than $1 billion and aimed at diversifying the Clermont Ferrand, France-based company away from car and truck tires. The French manufacturer’s agreement in March to buy U.K.-based conveyor-belt maker Fenner Plc for about 1.2 billion pounds ( US 1.6 billion dollars) will strengthen its presence in mining equipment.