Michelin Acquires Brazilian Fleet Management Company
Michelin has announced that it intends to acquire all outstanding shares of Sascar, a Brazilian fleet management and freight security company.
The São Paulo-based company, which has 870 employees and has generated revenue of BRL 280 million (around EUR 91 million) in 2013, has experienced average growth of 16 percent over the past three years, according to Michelin. The company has developed a strong presence in the independent trucker and small truck fleet segment in Brazil.
“Michelin will benefit from the client base and technical and marketing skills built up by Sascar in the rapidly expanding telematics market for professional truck fleets and thereby accelerate the development of services for its customers worldwide”, explained Jean-Dominique Senard, chief executive officer of the Michelin Group. “This will help us strengthen an important area of growth for the Group.”
Sascar manages 33,000 fleets consisting of 190,000 trucks. Michelin said the acquisition will allow it to expand its service offering for truckers and to speed the growth of its truck tire business in Brazil. By joining the Michelin Group, Sascar will gain access to its major customers in South America.
The acquisition is subject to approval from the Brazilian competition authorities.