Daimler denies plans to split into a passenger car maker and a truck maker

Article by Christian Andrei, on August 29, 2010

A report from the Euro am Sonntag newspaper stated that Daimler doesn't plan on splitting the company into a passenger car maker and a truck maker, according to Andreas Renschler, the head of Daimler AG's commercial truck business. Renschler said that Daimler "can lift the value added in the current constellation as well."

The paper also cited analysts who said that Daimler's valuation is 25% below the valuation of its parts. They raised concerns on whether the current company structure was appropriate.

Last Friday, Daimler said that as part of its second-quarter report on July 27, it will raise its 2010 operating profit outlook after announcing strong preliminary results boosted by its Mercedes-Benz luxury car brand.

Renschler also said that the recovery of the trucks business is being boosted by the broader market. Daimler revealed that the truck division improved its operating results in the second quarter, reflecting "the positive sales development in our major markets as well as measures to sustainably reduce cost."

Aside from posting preliminary second-quarter revenues of $7.6 billion, Daimler Trucks also recorded a pretax profit of $388 million.

Daimler is the world's biggest truck maker and markets commercial and heavy trucks under the Mercedes, Mitsubishi Fuso, Freightliner and Western Star brands.

Topics: daimler, plan

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