A fundamental change in its structure, will see Daimler Trucks spin off from Mercedes Benz into, what Daimler are calling, two pure-play companies. The company says the move is ‘designed to unlock the full potential of its businesses in a zero-emissions, software-driven future.
The Daimler Truck business will have fully independent management, stand-alone corporate governance including an independent Chairman of the Supervisory Board. In addition, it is also Daimler’s intention to rename itself as Mercedes-Benz at the appropriate time.
“This is a historic moment for Daimler,” said Ola Källenius, Chairman of the Board of Management of Daimler and Mercedes-Benz. “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.
“Mercedes-Benz is the world’s most valuable luxury car brand, offering the most desirable cars to discerning customers. Daimler Truck supplies industry leading transportation solutions and services to customers. 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.”
As Daimler Trucks spin off from Mercedes Benz, the company says it intends to generate value for its shareholders by accelerating the execution of its strategic plans, raising its profitability and driving forward with its development of emissions-free technologies for trucks and buses.
“This is a pivotal moment for Daimler Truck,” said Martin Daum, Member of the Board of Management of Daimler and Chairman of the Board of Management of Daimler Truck. “With independence comes greater opportunity, greater visibility and transparency. We will grow further and continue our leadership in alternative powertrains and automation.
“We have already defined the future of our business with battery-electric and fuel-cell trucks, as well as strong positions in autonomous driving. With targeted partnerships we will accelerate the development of key technologies to bring best-in-class products to our customers rapidly.