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| Daimler, Kamaz plan new truck joint venture |
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| Written by Vascoingles | |
| Thursday, 01 October 2009 | |
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Daimler said Thursday that its Mercedes-Benz Trucks unit and Russian truck producer Kamaz have signed a letter of intent on the creation of a joint venture to produce Mercedes-Benz trucks in Russia and to sell Mercedes-Benz and Setra trucks and buses. The planned 50:50 joint venture will strengthen the company's market position in Russia, said Hubertus Troska, head of Mercedes-Benz Trucks, in a statement. "Kamaz is an ideal partner for us since the company has many years of experience in the Russian truck market and is market leader in the heavy duty truck market," Troska said. Daimler already holds a 10% stake in Kamaz. In July, Mitsubishi Fuso Truck and Bus Corporation (MFTBC) and Kamaz signed a letter of intent to create a joint venture for the importation, production and sale of Mitsubishi Fuso trucks in Russia. Source Market Watch |
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| Last Updated ( Thursday, 01 October 2009 ) |
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