German truck maker MAN enters partnership with Sinotruk of China
(chinatrucks.com, Oct. 10, 2009)German truck maker MAN SE has entered into a partnership with China's Sinotruk that will see it acquire a 25 per cent stake in the state-owned truck maker for C560 million ($823 million), the company said Wednesday.
Munich-based MAN said Chinese authorities approved the transaction. It added it would raise the cash through a capital increase, but didn't provide more details.
Sinotruk, headquartered in Jinan, Shandong, is listed on the Hong Kong Stock Exchange. Sinotruk holds some 25 per cent of the Chinese market and sold more than 100,000 trucks in 2008 with sales of C2.5 billion ($3.7 billion).
MAN is one of Europe's largest truck makers, in which Volkswagen AG is the single biggest shareholder. MAN had sales near C15 billion in 2008.
Through the partnership, MAN will license engine, chassis, axle and other technologies to Sinotruk as a basis for the production of a new series of heavy trucks. This series will be manufactured at Sinotruk's existing plants, MAN said.
"China is a market of paramount importance with huge potential," Hakan Samuelsson, MAN's CEO, said in a statement.
MAN has been concentrating on expansion in developing markets. Earlier this year it bought Volkswagen's truck operations in Brazil.
Shares of MAN were up nearly 2 per cent at C56.63 in Frankfurt afternoon trading.
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