Mercedes-Benz Trucks will become a standalone company called Daimler Truck, while parent company Daimler will be re-named as Mercedes-Benz and focus on cars and vans.
The Supervisory Board and the Board of Management of Daimler agreed to evaluate a spin-off of its Truck and Bus business and begin preparations for a separate listing of Daimler Truck.
The Daimler Truck business will have fully independent management and stand-alone corporate governance, including an independent Chairman of the Supervisory Board.
It is intended that a significant majority stake in Daimler Truck will be distributed to Daimler shareholders.
“This is a historic moment for Daimler. 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.
“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,” said Ola Källenius, chairman of the Board of Management of Daimler and Mercedes-Benz.
As part of a more focused corporate structure, both Mercedes-Benz and Daimler Truck will also be supported by dedicated captive financial and mobility service entities, driving sales with tailor-made financing, leasing and mobility solutions, increasing retention and building customer loyalty. In this process, the company plans to assign resources and teams from today’s Daimler Mobility to both Mercedes-Benz and Daimler Truck.
All further details of the intended spin-off would be presented to the shareholders at an extra-ordinary shareholder meeting in Q3 2021, in order to obtain their mandatory approval to the plan.