SODERTALJE, Sweden, April 28, 2003 (PRIMEZONE) -- Scania (Other OTC:SCVAY) and MAN Nutzfahrzeuge have entered a co-operation agreement regarding joint development and supply of components. The agreement, which is long-term, covers gearboxes and axles.
Together with Scania, MAN will adapt some of its axles and transfer- boxes for use in Scania trucks. Together with MAN, Scania will adapt some of its gearboxes for use in MAN trucks. Production is scheduled to start after a development phase of approximately 3 years.
In a statement, Hakan Samuelsson, President and CEO, MAN Nutzfahrzeuge and Leif Ostling, President and CEO, Scania commented: "After in-depth analyses, we have concluded that with this mutual component supply we can achieve substantial synergies without jeopardizing the individuality of our products and their respective strong brand identities. Both companies will gradually achieve considerable scale benefits in component production."
The EU competition authority will be informed about the co-operation agreement.
The MAN Nutzfahrzeuge Group is the largest company in the MAN Group and one of the leading international manufacturers of commercial vehicles. In (the fiscal year) 2002, the company with its 34,000 employees generated a turnover of Euro 6,600 million with sales of some 54,000 trucks and 7,600 buses.
Scania is one of the world's leading manufacturers of trucks and buses for heavy transport applications, and of industrial and marine engines. With 28,200 employees and production facilities in Europe and Latin America, Scania is one of the most profitable companies in its sector. In 2002, turnover totalled SEK 47,000 million ( Euro 5,200 million) and the result after financial items was SEK 3,700 million (Euro 410 million). Scania products are marketed in about 100 countries worldwide and some 95 percent of Scania's vehicles are sold outside Sweden.
Scania press releases are available on the Internet, www.scania.com
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