Russian leading truck manufacturer Kamaz and German Daimler AG signed an agreement on creation of two joint ventures in the town of Naberezhnye Chelny, Russia. One of the joint ventures named Mercedes-Benz Trucks Vostok with the office in Moscow will focus on heavy-duty truck production. The size of investments here amounted to ?11.8 million.
      
      FUSO KamAZ Trucks Rus, the second company headquartered in Kazan, is due to launch assembly of FUSO Canter light trucks at the beginning of 2010. The parties invested ?4.4 million each.
      
      Both joint ventures are formed on 50/50 basis, the spokesman for Kamaz said.
      
      Daimler AG with its businesses Mercedes-Benz Cars, Daimler Trucks, Daimler Financial Services, Mercedes-Benz Vans, and Daimler Buses, is a globally leading producer of premium passenger cars and the largest manufacturer of commercial vehicles in the world. The Daimler Financial Services division has a broad offering of financial services relating to automobiles.
      
      KamAZ Group of Companies is the largest automobile corporation of the Russian Federation. KamAZ Inc. ranks 11th among the leading world heavy truck manufacturers and takes 8th place in the world by production volumes of diesel engines.
      
      The united production complex of KamAZ Group of Companies embraces the whole technological cycle of truck production – from development, production, assembly of vehicles and auto components to marketing of finished products and service maintenance.
      
      source:
      Russian Business