MAN completes acquisition of Brazilian truck and bus activities

Roberto Cortes becomes president of MAN Latin America

(PresseBox) ( Munich, )
Today MAN AG announced that it has closed its acquisition of VW Truck & Bus, making the company a leader in the Brazilian commercial vehicles market. Together the companies generated joint revenue of approximately €17 billion in fiscal year 2008. MAN's Latin American commercial vehicles activities will be integrated into a new company called MAN Latin America, whose president will be Brazilian executive Roberto Cortes.

"The completion of the acquisition marks a new chapter in the history of our Group," said Håkan Samuelsson, CEO of MAN AG. "This is our platform for growth in Latin America involving both commercial vehicles brands of the Group. Together, MAN state-of-the-art technology and VW Truck & Bus expertise in emerging markets will make a difference for our customers. We are now the market leader for trucks in Brazil, which is confirmation of our internationalization strategy in the BRIC countries." MAN AG acquired VW Truck & Bus from Volkswagen AG for an enterprise value of €1,175 million. The company is based in São Paulo and Resende (Brazil).

The closing of the transaction will also see Roberto Cortes join the Man-agement Board of the MAN Group, representing the new MAN Latin Ameri-ca business area. "Now we are officially part of a company that is more than 250 years old, in which Rudolf Diesel developed the first diesel en-gine. It is another milestone for our company, which has grown from its be-ginnings in Brazil just 28 years ago to become the local truck sales leader for the last six consecutive years," said Roberto Cortes.

VW Truck & Bus has been producing trucks and buses in Resende since 1996. The company is Brazil's largest manufacturer for trucks with a gross vehicle weight of more than five tons. The vehicles are primarily sold in Lat-in America and South Africa. Around 56,000 trucks and buses were sup-plied in 2008. The company has a comprehensive sales and service net-work in Brazil and other Latin America countries.
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