STUTTGART, Germany and LONDON, July 25, 2013 /PRNewswire/ --
- Supply agreements for engines and Electric/Electronic (E/E) components planned
- Daimler to receive up to 5% equity in Aston Martin
- Ola Kallenius, Head of Mercedes-AMG GmbH: "We are proud to work with Aston Martin and provide them with powertrain and e/e components for their forthcoming sports cars."
- Aston Martin Product Development Director Ian Minards: "We have selected AMG specifically as the basis for this powertrain development process."
Mercedes-AMG GmbH, a 100% subsidiary and the high performance brand of Daimler AG, and Aston Martin Lagonda Ltd. intend to enter a technical partnership. A corresponding Letter of Intent has been signed today. Essential elements of the planned partnership are supply agreements between Mercedes-AMG, Mercedes-Benz Cars and Aston Martin. Mercedes-AMG will supply Aston Martin with engines, while Mercedes-Benz Cars will provide the British luxury sports car manufacturer with e/e (electric/electronic) components for Aston Martin's future models.
In addition to those agreements, Daimler will receive up to 5% equity in Aston Martin without cash consideration in several steps following the progress of the technical partnership. At the same time, the company will receive an observer status in the Board of Management of Aston Martin. Based on the Letter of Intent, both parties have the intention to work towards signing of definitive agreements during the second half of the year. The overall transaction is subject to the conclusion on definitive agreement and applicable regulatory approvals, if required.
Ola Kallenius, Head of Mercedes-AMG GmbH: "We are proud to work with Aston Martin and provide them with powertrain and e/e components for their forthcoming sports cars. This is proof of AMG's technological and performance expertise and a real win-win situation for both sides."
Aston Martin Product Development Director Ian Minards said: "We have selected AMG specifically as the basis for this powertrain development process. Aston Martin sources cutting edge technology from key suppliers around the globe and the opportunity to include content from Mercedes-AMG GmbH in our next generation sports cars is, clearly, good news."
Not the least due to competitive reasons, both parties agreed on non-disclosure of further details of the planned partnership for the time being.
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Daimler AG is one of the world's most successful automotive companies. With its divisions Mercedes-Benz Cars, Daimler Trucks, Mercedes-Benz Vans, Daimler Buses and Daimler Financial Services, the Daimler Group is one of the biggest producers of premium cars and the world's biggest manufacturer of commercial vehicles with a global reach. Daimler Financial Services provides financing, leasing, fleet management, insurance and innovative mobility services. The company's founders, Gottlieb Daimler and Carl Benz, made history with the invention of the automobile in the year 1886. As a pioneer of automotive engineering, Daimler continues to shape the future of mobility today: The Group's focus is on innovative and green technologies as well as on safe and superior automobiles that appeal to and fascinate its customers. For many years now, Daimler has been investing continually in the development of alternative drive systems with the goal of making emission-free driving possible in the long term. So in addition to vehicles with hybrid drive, Daimler now has the broadest range of locally emission-free electric vehicles powered by batteries and fuel cells. This is just one example of how Daimler willingly accepts the challenge of meeting its responsibility towards society and the environment. Daimler sells its vehicles and services in nearly all the countries of the world and has production facilities on five continents. Its current brand portfolio includes, in addition to the world's most valuable premium automotive brand, Mercedes-Benz, the brands smart, Freightliner, Western Star, BharatBenz, Fuso, Setra and Thomas Built Buses. The company is listed on the stock exchanges of Frankfurt and Stuttgart (stock exchange symbol DAI). In 2012, the Group sold 2.2 million vehicles and employed a workforce of 275,000 people; revenue totaled €114.3 billion and EBIT amounted to €8.6 billion.
SOURCE Daimler Corporate Communications