A Mitsubishi Fuso Truck and Bus Loader
Daimler Truck had recently felt the effects of the great competition in Asia.
(Photo: Bloomberg)
The commercial vehicle manufacturer Daimler Truck wants to merge large parts of its Asian business with its competitor Toyota. The Daimler truck subsidiary Mitsubishi Fuso Truck and Bus is to merge with the Toyota subsidiary Hino in a holding company, as the Swabians announced on Tuesday. Both companies are said to be equally involved.
However, the company is to be listed on the Tokyo stock exchange, so a significant proportion is also to go to external investors. The letter of intent between the two groups is not binding. Daimler Truck did not give any financial details.
The joint project is intended to support the restructuring of the commercial vehicle business. Daimler Truck had recently felt the effects of the great competition in Asia. Last year, adjusted operating profit in the division fell by 60 percent, although sales and revenue increased.
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