Under a memorandum of understanding signed by Daimler AG and Russia’s leading investment bank Troika Dialog, Daimler will boost its stake in Russian truckmaker KAMAZ by 1% to 11%, while another 4% of KAMAZ shared will be acquired by the European Bank for Reconstruction and Development (EBRD).
As a result of this transaction, the EBRD would obtain a seat on the KAMAZ Board of Directors. Daimler AG has had a seat on the KAMAZ Board of Directors since 2009. The purchase price was not disclosed.
Daimler Trucks began a strategic partnership with KAMAZ, Russian Technologies and Troika Dialog in December 2008, when Daimler acquired a 10% stake in KAMAZ. In November 2009, Daimler Trucks and KAMAZ signed agreements for the establishment of two joint ventures.
Daimler AG and KAMAZ each will own 50% of the first joint venture Fuso KAMAZ Trucks Rus, which is beginning to import semi-knocked-down (SKD) assembly kits of Fuso trucks from Japan in the first quarter of 2010. The trucks will be manufactured in Naberezhnye Chelny, where KAMAZ has its truck plant; the new company’s sales headquarters is in Kazan.
Daimler AG and KAMAZ each also will own 50% of the second joint venture, Mercedes-Benz Trucks Vostok, which will initially build the heavy-duty Mercedes-Benz Actros and Axor trucks in SKD assembly also located in Naberezhnye Chelny. The sales headquarters for Mercedes-Benz Trucks and Buses as well as Setra Coaches in Russia will remain in Moscow. Truck production is scheduled to commence in the second quarter of 2010, while the sales operations already began in January 2010 via the new company Mercedes-Benz Trucks Vostok.
The planned increase of our stakes in KAMAZ is strengthening the strategic partnership of Daimler Trucks at KAMAZ. This is not only a strategically important step for Daimler Trucks, especially under the currently difficult economic conditions—it also sends a clear signal. The strategic partnership with KAMAZ and the projects that have already been completed have set a further milestone toward opening up the Russian market with its promising growth opportunities. It will allow us to further expand Daimler Trucks’ global presence.—Andreas Renschler, Daimler Board of Management member responsible for Daimler Trucks and Daimler Buses