Daimler, Kamaz Form Two Joint Ventures In Russia
Published:24-November-2009
By Staff Reporter
In connection with this partnership, Daimler Trucks acquired a 10% stake in Kamaz
The Daimler AG and the Russian automaker Kamaz has signed agreements to establish two joint ventures. The basis of the projects is the strategic partnership that Daimler Trucks established with Kamaz, Russian Technologies, and the investment bank Troika Dialog in December 2008. In connection with this partnership, Daimler Trucks acquired a 10% stake in Kamaz.
Reportedly, the establishment of the two joint ventures is a key strategic step for Daimler Trucks in the continued implementation of its Global Excellence Program. Launched in 2005, the Global Excellence Program also comprises a Growth and Market Penetration initiative aimed at enabling Daimler Trucks to enter new markets with high growth opportunities in order to strengthen the division's global presence.
Andreas Renschler, member of the board of management responsible for Daimler Trucks and Buses at Daimler AG, said: "With our strategic partnership with Kamaz we are in line with our Daimler Trucks’ growth strategy for the RIC markets. The implementation of the two joint venture projects between Kamaz and Daimler Trucks has brought us a giant step towards to the expansion of our presence in the Russian market. With both co-operations the know-how of Fuso and Mercedes-Benz Trucks in the areas of development, production, and sales will flow into the two joint ventures."
Sergey Kogogin, director general of KAMAZ, said: "The development of the strategic partnership between Daimler Trucks and Kamaz is becoming increasingly important and is designed to ensure that the two partners will enjoy a long-term relationship. All the joint venture partners are sharing their expertise in the areas of technology and sales, generating new opportunities for Fuso and Mercedes-Benz Trucks on the Russian market. In addition, modern technologies are being introduced in Russia as a result of the two collaborations."
