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Sinotruk teams up with German MAN SE to boost truck production

(Xinhua)
Updated: 2009-10-13 14:00

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 (CNHTC), said on Monday that Sinotruk, a Hong Kong-listed subsidiary of CNHTC had transferred a 25 percent stake plus one share to German truck maker MAN SE at a price of 560 million Euros ($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.

Related readings:  Volvo to end venture with Sinotruk  Sinotruk to increase annual production  Sinotruk-MAN deal reflects a cautious move  Sinotruk keeps on trucking

Ma said that 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 in the coming 10 to 20 years.

Cai Dong, president of Sinotruk, said the company was also granted access to MAN's global sales network for further expansion on the global market.

MAN, the world's third largest truck maker, possesses the most advanced diesel engine technologies. It started cooperation with CNHTC 25 years ago.