MUMBAI, India—When it comes to business excellence, Ceat Ltd. is helping to set the bar.
The India-based specialty tire maker received the Deming Grand Prize for total quality management, making it the first tire brand to earn the distinction, according to a news release. Ceat is among just 33 global companies to ever receive the award. Others to have received the honor since 1970 are Toyota Motor, Philps Taiwan, M&M-Farm, Tata Steel and Komatsu Ltd.
"Securing the Deming Grand Prize is a phenomenal achievement for Ceat and a resounding testament to the relentless dedication and unwavering commitment of every member within our organization," Amit Tolani, chief executive for Ceat Specialty Ltd., the U.S. subsidiary of Ceat Ltd., said in a statement. "… This award reflects our pursuit of excellence, our unyielding commitment to innovation and our steadfast devotion toward exceeding customer expectations. It serves as a powerful source of motivation, propelling us to reach newer heights in our industry."
To earn the Deming Grand Prize, the company must first have received the Deming Prize, which awards business excellence for setting and achieving challenging business objectives and strategies that are customer-focused and quality-oriented. Companies also must demonstrate TQM principles, concepts and techniques across the entire organization, including supplier and distribution networks.