With the Ukraine war and the growing tensions between Russia and the West, Daimler Truck is taking action; the group has suspended its entire Russian business for the time being. It holds shares in the Russian armored car manufacturer Kamaz.
Kamaz, the largest truck manufacturer in Russia, is one of the leading manufacturers of military vehicles. Mercedes-Benz has a 15 percent stake in Kamaz, and Daimler Truck is cooperating with the armored car manufacturer. There has now been sharp criticism because of the Ukraine war.
The group initially kept a low profile. “It is too early to finally assess the consequences of the current events,” said a company spokesman a few days ago. However, the world’s largest truck manufacturer has now suspended all business activities in Russia for the time being. “Nothing is being built anymore and nothing is being delivered anymore,” a spokesman for Daimler Trucks told the .
The group wrote on Twitter on Monday: “We clearly stand for peaceful global cooperation and categorically reject any form of military force.” The company will monitor the situation closely and review its decision regularly. “Of course we will follow all measures of the German government and the EU,” said Daimler Truck.
Meanwhile, new EU sanctions against Russia also affect Kamaz. And the British government’s sanctions are aimed, among other things, at Rostec, a Russian state-owned armaments company that is also Kamaz’s largest shareholder with around 47 percent.
Daimler Truck detached from Mercedes Benz since December
Marc Tüngler, general manager of the German Association for the Protection of Securities (DSW), called for an immediate end to the cooperation with Kamaz. He said in the “Handelsblatt”: “Mercedes-Benz has to clean up this holding. That should have happened years ago, but now is the latest time.”
According to Tüngler, commitment to Kamaz is already out of the question because of ecological, social and ethical standards. After Russian troops invaded Ukraine, Mercedes had to take the final decision. “That’s not possible. The board members have to keep their shop clean now.”
Mercedes-Benz spun off Daimler Truck’s truck business from the group in December. However, the spin-off is far from complete. Two managers from Daimler Truck are represented on the Board of Directors of Kamaz. In addition, the German truck manufacturer runs a joint venture with the Russians to assemble trucks for the Russian market. According to Daimler Truck, it has been cooperating with the Russian truck manufacturer since 2012 and supplies them with parts for civilian vehicles.
Swell:with material from the dpa
Source: Stern
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