MAN AG is to acquire VW Truck & Bus from Volkswagen AG in a bid to strengthen its position in the South American market. The Brazil-based company is valued at 1,175 million euros, and is set to be transferred on 1st January, 2009.
Volkswagen Truck & Bus is Brazil’s largest truck manufacturer with vehicles sold primarily in Latin America and South Africa. Around 47,000 trucks and buses were supplied in 2007. Around 5,000 employees work at the Resende plant.
Håkan Samuelsson, MAN AG chief executive, said: “Having concentrated on our core business units, MAN is now focusing on expansion in all business areas. The acquisition of VW Truck & Bus in Brazil marks another milestone in our international growth in trucks and buses. The new business area with its strong market position will provide MAN with access to the Latin American market. At the same time, we can see considerable synergy potential for our production network.”