ECONOMYNEXT – Sri Lanka tyre maker Loadstar, is set to become part of Michelin, with its parent being taken over by the French group, reports said.
Michellin will pay 1.45 billion US dollars to buy Camso, a Canadian tyre firm which now controls 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 firm has a plant in Ekala, north of Sri Lanka’s capital Colombo. (Colombo/July16/2018)