VW sells Brazilian truck division
AFP · 15 Dec 2008, 16:00
Published: 15 Dec 2008 16:00 GMT+01:00
The sale of Caminhoes e Onibus Industria e Comercio de Veiculos Comerciais (VW CO), worth €1.175 billion ($1.594 billion) is expected to be completed in the first quarter of next year, VW said in a statement.
VW CO, which employs 5,000 in Resende, in eastern Brazil, builds some 47,000 heavy-duty trucks, buses, and long-distance coaches a year for export to 30 countries.
MAN will continue to run the business under the Volkswagen brand name, while VW concentrates on its core business of passenger cars and light commercial vehicles, the company said.
VW has a 29.9-percent share in MAN.