French tire maker Michelin said Dec. 18 that it completed its acquisition of Camso Inc. for $1.36 billion.

The deal was announced in July and initially had an enterprise value of $1.7 billion. Michelin then expected to pay $1.45 billion for the Canadian tires and rubber company.

Michelin said the acquisition could offer up to $55 million in synergies by 2021 and make it the biggest off-the-road market player.

On March 19, Michelin offered to purchase British conveyor belt manufacturer Fenner PLC for approximately £1.7 billion.