RPG Group’s tyre manufacturing company Ceat on Monday said it has acquired the Ceat brand from Italy-based Pirelli for Euro 9 million (Rs. 55 crore) which would enable the company to export radial and cross-ply tyres to the whole world under the Ceat brand.
Ceat Limited is currently the owner of the Ceat brand in nine South Asian countries — India, Sri Lanka, Bangladesh, Myanmar, Pakistan, Bhutan, Nepal, Afghanistan and Vietnam.
Pirelli is the owner of the Ceat trademark in the rest of the world.
ADVERTISEMENT
“This acquisition will open up European, African and Latin American markets for Ceat radicals. The Ceat brand enjoys good equity with consumers in these markets,” Ceat Limited’s Deputy Managing Director Anant Goenka told PTI here.
“Now onwards, we can build and encash the equity of the Ceat brand across countries without any restriction. This will mean access to new categories in existing geographies, new geographies as well as better price realisations in some geographies,” Mr. Goenka said.
Pirelli is an Italian industrial enterprise that is active in more than 160 countries. The Pirelli Group is the fifth largest tyre manufacturer in the world in terms of turnover, with 20 factories in four continents and is a leader in the high-end and high technology segments of the market.
ADVERTISEMENT