Sinotruk tied with German truck giant
Source: Xinhua |
October 14, 2009, Wednesday
|
Print Edition
Print Edition
CHINA'S leading heavy duty truck producer has teamed up with German MAN SE, the world's third-largest truck producer, a move expected to boost China's heavy duty truck production.
Ma Chunji, chairman of the China National Heavy Duty Truck Group Co, said on Monday that Sinotruk, a Hong Kong-listed subsidiary of CNHTC, had transferred a 25 percent stake plus one share to MAN SE for 560 million euros (US$827 million).
"After the deal, CNHTC remained the controlling shareholder of Sinotruk, and is still able to develop independent technology for China-made heavy duty trucks," he said.
The deal made MAN Sinotruk's second-largest shareholder.
Ma said through the deal the technological transfer for engines meeting Euro III, Euro IV and Euro V emission standards would ensure technological support for Sinotruk's development for 10 to 20 years.
Cai Dong, president of Sinotruk, said the company gets access to MAN's global sales network.
MAN possesses the most advanced diesel engine technologies. It started cooperation with CNHTC 25 years ago.
Ma Chunji, chairman of the China National Heavy Duty Truck Group Co, said on Monday that Sinotruk, a Hong Kong-listed subsidiary of CNHTC, had transferred a 25 percent stake plus one share to MAN SE for 560 million euros (US$827 million).
"After the deal, CNHTC remained the controlling shareholder of Sinotruk, and is still able to develop independent technology for China-made heavy duty trucks," he said.
The deal made MAN Sinotruk's second-largest shareholder.
Ma said through the deal the technological transfer for engines meeting Euro III, Euro IV and Euro V emission standards would ensure technological support for Sinotruk's development for 10 to 20 years.
Cai Dong, president of Sinotruk, said the company gets access to MAN's global sales network.
MAN possesses the most advanced diesel engine technologies. It started cooperation with CNHTC 25 years ago.
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