Strategic Partners’ Consortium Increases its Stake in OJSC KAMAZ
June 18, 2010 | Press Release |
Russian Technologies State Corporation, Daimler AG, the European Bank for Reconstruction and Development (EBRD), Troika Dialog, and OJSC KAMAZ on June 17, 2010 jointly announced the successful signing of a deal under which Russian Technologies State Corporation, Daimler AG, and the EBRD each have increased equity stakes in the Russian heavy-truck manufacturer OJSC KAMAZ.
On February 11, 2010, the strategic partners had signed a memorandum of understanding (MoU) governing the increase of the equity stakes in OJSC KAMAZ. Its implementation has now led to a further strengthening of the strategic partnership.
Under the terms of the deal, Russian state corporation Russian Technologies acquired a 12.12% stake in KAMAZ. Russian Technologies’ share in KAMAZ following the deal has increased to 49.9%.
Separately, Daimler AG, acting as a strategic partner, has acquired a 1% stake in KAMAZ. The European Bank for Reconstruction and Development (EBRD), in close partnership with Daimler AG, has acquired a stake in KAMAZ as a part of the long-term strategic plan agreed with the company’s main shareholders and management. The investments of the EBRD have enabled to increase the joint stake of the partners – the EBRD and Daimler AG – to 15%.
Sergey Chemezov, General Director of Russian Technologies State Corporation, said: “This is a landmark deal for Russia’s auto industry: despite current market volatility, the signatories to the strategic partnership signed in December 2008 have agreed to increase their participation in KAMAZ, bringing greater amounts of foreign expertise and investment to Russia’s auto industry and providing a timely example of the ongoing internationalization of Russia’s economy.”
Commenting the deal, Andreas Renschler, Daimler Board of Management member responsible for Daimler Trucks and Daimler Buses said: “This deal increasing Daimler’s stake in KAMAZ indicates a broadening of our companies’ partnership, greater technological cooperation and a long-term commitment to collaboration. The Russian market remains one of the most promising strategic areas for Daimler and one where we anticipate significant growth over time.”
Alain Pilloux, the EBRD’s Managing Director for Industry, Commerce and Agribusiness, said: “This is an historic chance to show the investment community how one of the Russian industrial giants can partner with a strategic investor to modernise its products, compete internationally, save energy and promote environmental sustainability.”
Sergey Kogoghin, Director General of OJSC KAMAZ, added: “We readily welcome increased stakes of strategic shareholders like Russian Technologies State Corporation and Daimler together with the EBRD. This kind of gradual, step-by-step attainment of a greater share in the company signals a sincere interest in long-term partnership, a commitment to increased transfer of technology, as well as the desire to develop business and pursue a broader range of joint projects. All of which bodes very well for the future evolution of our business.”
Ruben Vardanian, Chairman of the Board of Directors of Troika Dialog, said: “It’s very gratifying that Russian Technologies, Daimler and the EBRD have evolved into such reliable, long-term partners for KAMAZ. This deal is the logical progression of the strategic partnership agreed in December 2008, and the fact that the group of strategic partners has agreed to increase its participation demonstrates their strong belief in the Russian auto industry and its future prospects. Troika has been honoured to advise on each stage of this landmark process, and to remain as one of KAMAZ’s shareholders in a broader shareholder structure following today’s transactions.”
Note to the Editor:
Russian Technologies State Corporation
Russian Technologies State Corporation was established in 2007 in accordance with the Federal Law of the Russian Federation. Russian Technologies State Corporation is designed to assist Russian organisations-developers and manufacturers of high technology industrial products in their development, production and exports by providing support in domestic and foreign markets and attracting investments to different industries.
Additional information:
Press Service of Russian Technologies State Corporation
Valery Kartavtsev, tel.: +7 (495) 637-97-75, fax: +7 (495) 695-45-94, e-mail: media@post.rusarm.ru
Daimler AG
Daimler AG, Stuttgart, with its businesses Mercedes-Benz Cars, Daimler Trucks, Daimler Financial Services, Mercedes-Benz Vans and Daimler Buses, is a globally leading producer of premium passenger cars and the global market leader of heavy- and medium-duty trucks as well as buses. The Daimler Financial Services division has a broad offering of financial services, including vehicle financing, leasing, insurance and fleet management. Daimler sells its products in nearly all the countries of the world and has production facilities on five continents. The company’s founders, Gottlieb Daimler and Carl Benz, continued to make automotive history following their invention of the automobile in 1886. As an automotive pioneer, Daimler and its employees willingly accept an obligation to act responsibly towards society and the environment and to shape the future of safe and sustainable mobility with groundbreaking technologies and high-quality products. The current brand portfolio includes the world’s most valuable automobile brand, Mercedes-Benz, as well as smart, Smart, AMG, Maybach, Freightliner, Sterling, Western Star, Mitsubishi Fuso, Setra, Orion, and Thomas Built Buses. The company is listed on the stock exchanges in Frankfurt, New York and Stuttgart (stock exchange abbreviation DAI). In 2008, the Group sold 2.1 million vehicles and employed a workforce of over 270,000 people; revenue totaled ˆ95.9 billion and EBIT amounted to ˆ2.7 billion. Daimler is an automotive Group with a commitment to excellence, and aims to achieve sustainable growth and industry-leading profitability.
Additional information:
Press Service of Daimler AG
Heinz Gottwick, tel.: +49 (0) 711/17-41525
EBRD
The EBRD is an international financial institution founded in 1991. The EBRD supports projects in 29 countries from central Europe to central Asia. The EBRD is the largest single investor in the region and also mobilises significant foreign direct investment into its countries of operations. The EBRD is owned by 61 countries and two international institutions.
Additional information:
PR-Service of the EBRD (Russian office)
Richard Wallis, tel.: +7 (495) 787-11-11, e-mail: WallisR@ebrd.com
Troika Dialog
Troika Dialog is the leading independent full service integrated investment bank and asset management firm in Russia and the CIS. Since the company’s founding in 1991, Troika Dialog has consistently demonstrated market leadership in its core lines of business: securities sales and trading, investment banking, private wealth and asset management, retail distribution and alternative investments. Troika Dialog operates in more than 20 cities in Russia plus offices in London, New York, Kiev, Almaty, and Nicosia.
Additional information:
Press Service of Troika Dialog
Maria Zhog, tel.: +7 (495) 258-05-19, e-mail: pressa@troika.ru
OJSC KAMAZ
OJSC KAMAZ is the leader of the Russian market, and it ranks 11th among the largest heavy-duty trucks producers in the world. KAMAZ vehicles are used in more than 80 countries. Ten years running (1999-2008) OJSC KAMAZ was the best Russian exporter in the mechanical engineering sector. OJSC KAMAZ is the company widely integrated into the international automobile business. With the participation of the world producers of vehicle components OJSC KAMAZ set up 4 joint ventures: ZF KAMA (gearboxes), CUMMINS KAMA (engines), KNORR-BREMSE KAMA (brake systems), and Federal Mogul Naberezhnye Chelny (details of a cylinder-and-piston group). OJSC KAMAZ is the winner of a national prize “Company-2009” in the sphere of automobile industry.
Additional information:
Press Service of OJSC KAMAZ
Oleg Afanasyev, tel.: +7 (8552) 45-21-35, fax: +7 (8552) 45-28-28, e-mail: pr@kamaz.org, address: Avtozavodsky pr., 2, Naberezhnye Chelny, Tatarstan, Russia, PO Box 423827
Friday, 18 June 2010
Participation in Summit
Sergey Kogoghin, Director General of OJSC KAMAZ takes part in the 14th St. Petersburg International Economic Forum 2010 which is being held in the North capital of Russia on these days.
St. Petersburg International Economic Forum is the main yearly economic summit of Russia and the CIS countries. In 2010 “the Russian Davos” will give the chief members of the world public responsible for decision-making a chance of estimating measures taken after the crisis, studying the key global macroeconomic parameters and exchanging opinions about elaboration of the further economic development strategies.
Within the bounds of the forum Sergey Kogoghin will meet with partner company executives, participate in events devoted to discussion of the situation in the domestic and foreign markets, means of modernization of the home industry. Director General of OJSC KAMAZ plans to meet with the Russian high-ranking government figures.
Friday, 18 June 2010