Daimler Truck Halts Business Activities in Russia
February 28 2022 - 6:05AM
Dow Jones News
By Kim Richters
Germany's Daimler Truck Holding AG said Monday that it is
suspending its business activities in Russia with immediate effect
following the Russian invasion of Ukraine.
"We are closely monitoring the situation and will regularly
review our decision. We will of course comply with measures taken
by the German government and the EU," the truck manufacturer
said.
Daimler Truck has a cooperation and a joint venture with
Russia's truck maker Kamaz. The cooperation with the Russian
company is only of civilian nature and the joint venture built only
non-military Mercedes trucks and cabins for Kamaz, the company
said.
Daimler Truck's former parent company Mercedes-Benz Group AG
holds a 15% stake in Kamaz, according to FactSet. German business
newspaper Handelsblatt, which first reported the truck maker's
decision to halt activities, said Mercedes-Benz was considering to
divest its stake.
A spokeswoman for Mercedes-Benz told Dow Jones Newswires that
the auto maker is re-evaluating its business activities in light of
the current events.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
February 28, 2022 05:50 ET (10:50 GMT)
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