Michelin Tyres buys Camso Lodestar | Sunday Observer

Michelin Tyres buys Camso Lodestar

BOI Chairman Hemasiri Fernando with Michelin officials.
BOI Chairman Hemasiri Fernando with Michelin officials.

A delegation from Michelin, the French tyre manufacturing giant, met BOI Chairman Hemasiri Fernando and Director General Champica Malalgoda.

Group Director for Public Affairs of Michelin, Eric Le Corre, was accompanied by Zone Head, Legal, Africa, India, Middle East and Director Public Affairs and Government Affairs, India, Nanditha Khurana and CFO/Executive Director of Camso Lodestar Keerthi Bandara.

Ambassador of France to Sri Lanka, Eric Lavertu, and Economic Counsellor, Embassy of France, Herve Sarnelli, Director, Media and Publicity, Dilip S. Samarasinghe and Director, Promotion, Ms Nilupul de Silva were also present.

By acquiring Camso Lodestar, the leader in the manufacture of solid rubber tyres in the country and a BOI enterprise, Michelin is now established in the island. Eric Le Corre said, “We have closed the deal with Camso and we are now a significant player in Sri Lanka. It is also important to note that our incoming CEO has visited Sri Lanka and appreciates the importance that this country will play in Michelin’s future operations.” “The Michelin group is the second largest tyre manufacturer in the world. Our group is present in 17 countries and our total staff strength is approximately 114,000. In Asia we are strong in countries like Thailand, China and India and now Sri Lanka,” he said. Le Corre said that Sri Lanka is good in areas such as labour standards, which is important to Western European consumers. The Chairman of the BOI assured the Michelin delegation that the BOI will fast-track the process and make every effort to ensure that Michelin’s operation will be smooth.

“We are proud that you decided to opt to invest in Sri Lanka and look forward to future co-operation.

Let me assure you that Sri Lanka is now on an upward trend and that there is once again renewed interest in investing in the island,” he said.