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December 05, 2007
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Mitsubishi Fuso Truck and Bus Corporation (MFTBC) acquires equity positions in two leading Indonesian truck companies Stuttgart/Kawasaki - Mitsubishi Fuso Truck and Bus Corporation (MFTBC), an integral part of Daimler Trucks, today announced that it has acquired equity positions in P.T. Krama Yudha Tiga Berlian Motors (KTB) and P.T. Mitsubishi Krama Yudha Motors and Manufacturing (MKM), two leading Indonesia truck and automotive companies. The transaction underlines MFTBC´s commitment to Indonesia, which is the company´s largest market outside Japan. “Daimler Trucks sees strong, long term growth prospects in Asia as a whole, including in the key market Indonesia,” said Mr. Andreas Renschler, Daimler AG Board Member responsible for the Daimler Trucks division. “This move will further strengthen Mitsubishi Fuso´s ability to build on its leading position in Indonesia while enhancing the business in all aspects.” Mitsubishi Fuso is the leading commercial vehicle brand in Indonesia, with over 50 percent market share. Over the past five years, MFTBC has sold more than 175,000 units in this market. “For many years, we have successfully worked together with KTB and MKM in serving the Indonesiamarket. Share participation by MFTBC is the logical next stage in moving even closer to the market as we continue to bring the highest quality products and services to Indonesiacommercial vehicle operators.” said Mr. Harald Boelstler, MFTBC President and CEO. |
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KTB, headquartered in Jakarta, is the wholesale organization marketing Mitsubishi Fuso commercial trucks and Mitsubishi passenger cars in Indonesia. Established in 1970, the company today has about 630 employees. MKM, also located in Jakarta, is a manufacturer producing parts and assembling components for Mitsubishi Fuso trucks and Mitsubishi passenger cars in Indonesia. Established in 1973, the company has about 780 employees. |
Agreement between companies
MFTBC’s participation in KTB and MKM comes as the result of an agreement among P.T. Krama Yudha (KY) of Indonesia, Mitsubishi Corporation (MC), Mitsubishi Fuso Truck and Bus Corporation and Mitsubishi Motors Corporation (MMC).The agreement principally calls for MFTBC to acquire equity positions in KTB and MKM. At the same time, MMC will take a stake in KTB, while transferring its share of MKM to MFTBC. Mitsubishi Fuso Truck and Bus Corporation will now own 18% of P.T. Krama Yudha Tiga Berlian Motorsand 32.28% of P.T. Mitsubishi Krama Yudha Motors and Manufacturing.
The new ownership structure of KTB and MKM is expected to bring strategic advantages to all involved parties, related to the Mitsubishi Fuso truck and Mitsubishi car business in Indonesia.The transaction based on this agreement has now closed.
Rising Sales in Indonesia
Due to improving market conditions and excellent response to new products, Mitsubishi Fuso sales in Indonesia increased through the first three quarters of 2007 by 48 percent to 21,679 units (same period in the previous yearQ1-Q3 2006 were 14,662 units).
In March 2007, Mitsubishi Fuso launched the new generation of its Canter in Indonesia. It has been extremely well received in the market. Overall, Mitsubishi Fuso’s product line for Indonesiaincludes light-duty trucks, heavy-duty trucks and light-duty bus chassis.
About MFTBC
Based in Kawasaki, Japan, Mitsubishi Fuso Truck and Bus Corporation (MFTBC) is one of Asia's leading commercial vehicle manufacturers. In 2006, the company sold a total of about 186,600 vehicles including light-, medium- and heavy-duty trucks and buses. Daimler AG owns 85% of MFTBC shares. The remaining 15% of shares are held by various Mitsubishi group companies. MFTBC is an integral part of the Daimler Trucks Division of Daimler AG.
(Dec 3, 2007)
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