Foton Daimler Auto Company establishes
(chinatrucks.com, Sep 27, 2010) It is disclosed by Foton auto on Sep 26th, 2010 that Foton and Daimler Shares Company as well as Daimler North East Asia Investment Company Limited have established a JV company, which is named Beijing Foton Daimler Auto Company Limited. It is responsible for the production of medium and heavy duty van and engines.
The boards of directors of the JV Company have agreed with the “Agreement of Joint Venture Operation” signed on July 16th, 2010 by Foton and Daimler Shares Company as well as Daimler North East Asia Investment Company Limited. Foton has Auman medium and heavy truck business amounts to 316,200,000 Euros. Foton agrees that “Foton” trademark could be used in China by the JV Company.
This JV program belongs to medium and heavy van and engine program in accordance with the before published agreement contents. The overall investment is 635,060,000 Euros. It is invested by Foton, Daimler Shares Company and Daimler North East Asia Investment Company Limited.
Foton has invested 280 million Euros, the current Auman sales revenue, and it has taken 50% shares. Daimler Shares Company and Daimler North East Asia Investment Company Limited have respectively taken 40% and 10% shares.
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