Daimler Truck halts business activities in Russia over war

by Bloomberg Feb 28, 2022

Daimler Truck Holding AG will discontinue its business activities in Russia until further notice and may review ties with local joint venture partner Kamaz PJSC.

Labor representatives said they “consider it appropriate” for the world’s largest truck maker to also offload its shares in Kamaz, the company’s works council said Monday in an emailed statement.

“I am more than horrified that there can be a war of aggression in Europe,” Daimler Truck’s top labor official and supervisory board member Michael Brecht said. “We cannot simply go back to business as usual.”

The Stuttgart-based manufacturer is Kamaz’s third-largest investor with a 15% shareholding.

Bloomberg

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