SODERTALJE, Sweden, March 25, 2002 (PRIMEZONE) -- Scania (NYSE:SCVA) and Japanese commercial vehicle manufacturer Hino Motors Ltd. (Hino) today entered a strategic cooperation agreement. The aim of this agreement is to establish a long-term business alliance in order to increase the market potential for both companies.
Both Hino and Scania are leading in their market segments and complementary from a product and geographical point of view. As a result of the business alliance, both companies will gradually increase revenue and profit, enhance the competitiveness of their products and reduce costs. Another benefit is increased leverage from combined know-how in emission control, with the purpose of further reducing the environmental impact of diesel engines.
A number of cooperation areas have been identified, and feasibility studies initiated. Scania and Hino will now focus on developing the alliance and making priorities. One of the first steps is a pilot introduction of Scania tractor units, which will be marketed by Hino on the Japanese market. A joint evaluation will also commence of the potential use of Hino 7/8-litre engine in some Scania vehicles.
If required, the cooperation agreement will be subject to approval by relevant authorities in Japan and Europe. The alliance is not based on any cross ownership between Hino and Scania.
Press conference with Scania's President and CEO Leif Ostling and Kazuhiko Chiba, Senior Managing Director, Hino at 12:00 CET in the Marcus Wallenberg Hall, Scania, Sodertalje, Sweden. Bus departure from the City terminal in Stockholm at 11:00 CET.
Simultaneously with this release, a press conference is held in Tokyo with Hino's President, Mr. Tadaaki Jagawa and Mr. Kaj Lindgren, Group Vice President, Scania.
Hino is a leading Japanese manufacturer of diesel trucks and buses. For 29 consecutive years, Hino has held the top position in the Japanese market for medium- and heavy-duty trucks. In 2001, 53,000 trucks and buses were sold worldwide. Net sales in the fiscal year ended March 2001 amounted to JPY 704,000 m. (EUR 6,060 m.). In the same year, Hino employed 22,600 employees and an operating income of JPY 5,650 m. (EUR 49 m.). More information about Hino can be found at www.hino.co.jp.
Scania is one of the world's leading manufacturers of trucks and buses for heavy transport applications, and of industrial and marine engines. With 28,300 employees and production facilities in Europe and Latin America, Scania is one of the most profitable companies in its sector. In 2001, turnover totalled SEK 53,000 million (EUR 5,700 m.) and an operating income of SEK 2,467 million (EUR 265 m.). Scania products are marketed in about 100 countries worldwide and some 95 percent of Scania's vehicles are sold outside Sweden. More information about Scania can be found at www.scania.com.
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