19.08.2014

Palfinger and Kamaz form JVs

Palfinger and Russian truck manufacturer Kamaz have reached an agreement to establish two joint venture companies in Russia. Subject to the necessary approvals the new joint ventures will be formed by the end of November.

Based in Naberezhnye Chelny in Tatarstan, the first joint venture will focus on mounting loading and handling systems on truck chassis. Kamaz will hold a 51 percent controlling stake, while Palfinger will hold the remaining 49 percent. The two companies have set a target of delivering 3,000 truck bodies a year by 2019. In addition to Kamaz’s existing dealer network, a new network of dealers and service centres is also planned.

The second joint venture will see Palfinger acquire a 51 percent stake in Kamaz’s existing cylinder production operations in Neftekamsk, in the region of Bashkortostan. The new venture will invest in the modernisation of the production plants and is aiming to boost the volume to 80,000 cylinders a year for cranes, trucks and building machinery by 2019.

Kamaz general director Sergei Kogogin said: “Kamaz still remains a reliable player in the market for all its business partners, including international partners. And it is especially important that Palfinger, one of the world’s leading manufacturers of lifting equipment, should believe in long-term relations with Kamaz.”

Palfinger chief executive Herbert Ortner added: “The foundation of the two joint venture companies is a very important step in securing and expanding our business in CIS. This region has already become a highly important market for us and, in line with our strategy, we intend to expand local production and intensify on-site value creation. In Kamaz we have found a flexible and performance-oriented partner for our undertaking.”

Kamaz is Russia’s largest truck manufacturer, ranking 11th among the world's heavy truck manufacturers, with its trucks mainly sold locally, although some are exported to Asia and South America. It is also the Palfinger Sany Mobile Cranes sales, service and repairs partner in Russia and is responsible for mounting Palfinger Sany’s superstructures onto Kamaz chassis at its facility Tymazy.
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