VW sells Brazilian truck division
German car manufacturer Volkswagen announced on Monday the sale of its Brazilian heavy truck division to the German transport engineering company MAN.
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.
Comments
See Also
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.
Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.
Please log in here to leave a comment.