AGâ€™s truck-making unit says it has acquired a 10% stake in leading Russian truck manufacturer OAO Kamaz, giving it greater access to Europeâ€™s largest truck market.
Trucks purchased the share this month from investment firm Troika Dialog for $250 million and says it will make a one-time payment of $50 million in 2012, â€śsubject to (the) successful business performance of Kamaz.â€ť
Daimler will get a seat on Kamazâ€™s board of directors in exchange for the share purchase.
â€śThe cooperation with Kamaz will enable Daimlerâ€™s truck division â€“ Daimler Trucks â€“ to enter the Russian volume market and is part of the companyâ€™s growth strategy in the BRIC (Brazil, Russia, India, China) countries,â€ť Daimler says in a statement.
Daimler says it sold 1,300 trucks in Russia last year, while Kamaz sold more than 53,000, making it the largest-selling brand of heavy trucks in the country.
The agreement between the two truck makers is predicated on both transferring technology to the other via joint projects, including Daimlerâ€™s cab on the second-generation Mercedes-Benz Actros.
Kamaz, in turn, will be supporting Daimlerâ€™sFuso brandâ€™s expansion into Russia, selling and servicing the trucks.
Daimler says joint projects regarding Mercedes-Benz buses are â€śalso conceivable.â€ť