Germany’s Daimler to buy into Russian truck maker KamAZ

Automotive

German auto giant Daimler may buy a 42% stake in Russian truck maker KamAZ, Moscow-based investment company Troika Dialog said on Friday.

Troika Dialog said Russian Technologies Corp., a diversified industrial giant which holds 37.8% in KamAZ, approved the choice of Daimler Trucks as the company’s “exclusive partner” after months of negotiations with a number of Western truck makers. It added that the deal could be closed before the end of 2008. Troika Dialog said Daimler Trucks sees the acquisition of an interest in KamAZ as one option among others for entering the Russian market.

KamAZ, based in the Volga Republic of Tatarstan, produces more than 30 models of trucks, as well as trailers, buses, tractors and spare parts. It also manufactures engines and components. The company has assembly facilities in Poland, Kazakhstan, Azerbaijan, Ethiopia, Vietnam and Ukraine.

Russian Technologies Corp was established by a Russian presidential decree in November 2007 as a spinoff of arms exporter Rosoboronexport, to promote the development, production and export of high-tech industrial products. (rian.ru)

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