Daimler to split in two and list truck unit separately
Carmaker aims to separate lorry business from Mercedes-Benz cars and float it this year in Frankfurt
Daimler will split in two and list its truck unit separately from its Mercedes-Benz car business, allowing both companies to focus on the shift towards electric power and changing regulations.
Shareholders in Daimler will receive a “significant majority stake” in the new unit, the company said on Wednesday. It aims to list the truck company this year in Frankfurt.
The remaining car business will be renamed Mercedes-Benz “at the appropriate time”.
The move has been expected for some time, and echoes similar moves by Volkswagen to carve out its lorry business separately to its passenger car operations.
“This is a historic moment for Daimler,” chief executive Ola Kallenius said. “It represents the start of a profound reshaping of the company. Mercedes-Benz Cars & Vans and Daimler Trucks & Buses are different businesses with specific customer groups, technology paths and capital needs.”
He added: “Both companies operate in industries that are facing major technological and structural changes. Given this context, we believe they will be able to operate most effectively as independent entities, equipped with strong net liquidity and free from the constraints of a conglomerate structure.”