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MAN forms partnership with Sinotruk
Source: Agencies |
July 16, 2009, Thursday
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Print Edition
Print Edition
GERMAN truck maker MAN SE yesterday said it will pay 560 million euros (US$783.5 million) to buy a stake of 25 percent plus one share in Hong Kong-listed Sinotruk Ltd.
MAN said the price was based on Sinotruk's 60-day trading average along with a 21-percent premium.
Sinotruk is one of China's major heavy truck makers, holding some 20 percent of the market. It sold more than 100,000 such vehicles last year and had sales of 2.5 billion euros.
The partnership between the two companies means MAN will license some of its engines, chassis and axle technologies to Sinotruk to form the basis of a new heavy-duty truck series. Sinotruk will contribute its manufacturing and sales network to the partnership.
MAN's investment in Sinotruk lays the foundation for the joint development of a new heavy truck series tailored to emerging markets, MAN Chief Executive Hakan Samuelsson said yesterday.
MAN, currently Germany's second-largest truck maker behind Daimler AG, completed its acquisition of Volkswagen AG's truck and bus operations in Brazil for about 1.4 billion euros in March.
MAN had sales of nearly 15 billion euros last year.
MAN said the price was based on Sinotruk's 60-day trading average along with a 21-percent premium.
Sinotruk is one of China's major heavy truck makers, holding some 20 percent of the market. It sold more than 100,000 such vehicles last year and had sales of 2.5 billion euros.
The partnership between the two companies means MAN will license some of its engines, chassis and axle technologies to Sinotruk to form the basis of a new heavy-duty truck series. Sinotruk will contribute its manufacturing and sales network to the partnership.
MAN's investment in Sinotruk lays the foundation for the joint development of a new heavy truck series tailored to emerging markets, MAN Chief Executive Hakan Samuelsson said yesterday.
MAN, currently Germany's second-largest truck maker behind Daimler AG, completed its acquisition of Volkswagen AG's truck and bus operations in Brazil for about 1.4 billion euros in March.
MAN had sales of nearly 15 billion euros last year.
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