Indian tyre manufacturer Ceat Ltd has acquired the global rights to the Ceat brand from Pirelli for EUR9m.
Ceat Ltd, which is part of the RPG Group, currently owns 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 trademark in the rest of the world.
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“This acquisition will enable the company to export radial and cross-ply tyres to the whole world, under the Ceat brand name,” a statement said. Ceat currently exports its tyres to Europe and South America under the Altura brand. It will now be able to export the Ceat brand which is well established in these regions. It will also allow the company to outsource tyres from any country under the Ceat brand.
Post acquisition, all rights, title and interest in the Ceat brand will pass to Ceat Ltd in the territories where Pirelli previously owned registrations. However, Pirelli will continue to hold exclusive licence to use the brand Ceat in relation to both radial tyres in Europe, Latin America, Turkey and Mexico and cross-ply tyres in Latin America, Turkey and Mexico until 31 December 2011.
The deal also includes a non-exclusive license to Pirelli to use the brand Ceat in relation to both radial and cross-ply tyres worldwide until 31 December 2012, excluding the nine countries where Ceat Ltd currently owns the brand completely.
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