Daimler Truck to take 9% stake in Germany's Manz in battery push
23/05/2022 11:37
FRANKFURT, May 23 (Reuters) - Daimler Truck DTEGGe.DE will
buy a 9% stake in German engineering firm Manz M5ZG.DE for
30.6 million euros ($32.7 million) to join forces in the area of
battery production, Manz said on Monday.
"The strategic cooperation with Daimler Truck as one of the
world's largest commercial vehicle manufacturers reflects our
strong position as an innovation driver and technology leader in
the field of lithium-ion battery production," Manz CEO Martin
Drasch said.
As part of the deal, Manz, which produces the machines
needed to build batteries, will issue 774,408 new shares, to be
bought by Daimler Truck at 39.53 euros apiece.
Shares in Manz were up 8.5% on the news.
Under the agreement, Manz is supposed to set up a pilot line
for the production of lithium-ion battery cells as well as the
assembly of batteries at Daimler Truck's Mannheim site.
"The two companies will combine their expertise to jointly
develop innovative battery technology and associated production
processes for trucks and buses," Manz said.
($1 = 0.9370 euros)
(Reporting by Christoph Steitz, Editing by Miranda Murray)
((christoph.steitz@thomsonreuters.com; +49 30 220 133 647;))