SHERBROOKE, Que.: Quebec-based Camoplast Inc. is buying the much larger Solideal Group of Luxembourg to create a global company with 7,400 employees.
The new Camoplast Solideal Inc. will make tires, wheels and rubber track at plants around the world for the material handling and construction industries.
Financial terms weren’t disclosed but Camoplast says current shareholders of Solideal will have a significant ownership stake in the private company.
The Solideal and Camoplast brands will also continue to be managed independently.
Camoplast has 1,400 employees worldwide, including at manufacturing sites in Canada, the U.S., South Korea and Europe.
Solideal has 6,000 employees worldwide, many of them at manufacturing plants in Sri Lanka and China.