Michelin to buy Brazil's Sascar for 440 mln euros

PARIS, June 9 Mon Jun 9, 2014 3:25am EDT

PARIS, June 9 (Reuters) - Michelin plans to buy Brazilian digital truck fleet management and freight security company Sascar for 440 million euros to tap into strong growth in the independent trucker industry in Brazil, the French tyres and auto services group said on Monday.

The Sao Paulo-based company, which has 870 employees and manages 33,000 fleets totalling 190,000 trucks, generated revenue of BRL 280 million (around 91 million euros) in 2013 and has enjoyed robust average growth of 16 percent over the past three years, Michelin said in a statement. (Reporting by Andrew Callus; Editing by Blaise Robinson)

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