OFFICIAL PRESS RELEASE
Stuttgart, Germany, Jul 25, 2008
* Daimler exclusive negotiating partner of Troika Dialog in talks to acquire 42% of the shares in Kamaz
* Russia is already Europe�s biggest truck market
As part of its growth strategy for the BRIC countries, Daimler Trucks is currently examining various possibilities for entering the Russian volume market. Along with the option of building a new factory for local assembly of Daimler Trucks, the division is also studying the possibility of acquiring a stake in the Russian truck manufacturer Kamaz that would enable the two companies to combine their development, production, and sales expertise. Daimler would bring in the technological know-how of the global industry leader, while Kamaz has the production facilities, sales structures, and a good network in Russia.
In the second quarter of 2008, Daimler had started negotiations with the investment company �Troika Dialog�, which would like to sell 42% of the shares in Kamaz. In a bidding process with diverse Western OEMs involved, Daimler was then chosen as the exclusive negotiating partner. Shortly after that Daimler started a due diligence in order to evaluate all relevant factors for a possible company participation.
A final decision on Daimler Trucks� strategy for Russia is expected to be made by the end of this year.
With its potential for dynamic growth, the Russian truck market is widely considered to be one of the top future sales markets for commercial vehicles. Russia is already Europe�s largest truck market, having recorded total sales of more than 154,000 trucks over six tons GVW in 2007. Sales of new trucks in Russia are expected to increase by about 20% over the next two years. This development is being driven by the demand for heavy-duty trucks in particular.
Kamaz is the leading seller of heavy-duty trucks in Russia today. Last year the company sold more than 53,000 trucks, posting revenues of $3.8 billion and gaining a market share of 30%. Today, about 25% of its production is being exported already � mainly to Kazakhstan, the Ukraine, and Asia.
Daimler Trucks sold 1,300 new vehicles in Russia last year, an increase of 58% from 2006. With a market share of 25%, Daimler Trucks� Mercedes-Benz, Fuso, and Freightliner brands are already the leaders in the segment of imported pre-owned trucks. To ensure that this outstanding development continues, the division is currently undertaking a massive expansion of its Russian sales and service network, whereby the number of Mercedes-Benz service stations alone will increase from 30 to 48 between now and 2010.
Copyright � 2008, car-evolutioncars. All rights reserved.
No comments:
Post a Comment