Daimler AG’s truck-making unit says it has acquired a 10% stake in leading Russian truck manufacturer OAO Kamaz, giving it greater access to Europe’s largest truck market.
Daimler 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, “subject to (the) successful business performance of Kamaz.”
Daimler will get a seat on Kamaz’s board of directors in exchange for the share purchase.
“The cooperation with Kamaz will enable Daimler’s truck division – Daimler Trucks – to enter the Russian volume market and is part of the company’s growth strategy in the BRIC (Brazil, Russia, India, China) countries,” 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 Daimler’s cab on the second-generation Mercedes-Benz Actros.
Kamaz, in turn, will be supporting Daimler’s Mitsubishi Fuso brand’s expansion into Russia, selling and servicing the trucks.
Daimler says joint projects regarding Mercedes-Benz buses are “also conceivable.”
