WOLFSBURG – Volkswagen is creating the integrated commercial vehicles group and thus putting in place a structured framework for business with mid-sized and heavy trucks and buses, according to a company press release on May 5.
Truck & Bus GmbH is to become the new Volkswagen Group holding for the MAN und Scania commercial vehicle brands. To this end, the shares in Scania AB held by Volkswagen AG will be transferred to Truck & Bus GmbH. The wholly-owned Volkswagen subsidiary already holds 75.28 percent of the voting rights in MAN SE.
Truck & Bus GmbH will establish processes specific to the commercial vehicles business, thus leveraging the full synergy potential between the brands. The company will be led by Andreas Renschler, member of the Board of Management of Volkswagen AG. The Supervisory Board, composed on a parity basis, will be chaired by Prof. Dr. Martin Winterkorn, CEO of Volkswagen AG.
Truck & Bus GmbH will steer and coordinate cooperation among the three commercial vehicle companies MAN Truck & Bus AG, MAN Latin America and Scania AB.
The CEOs of MAN Truck & Bus AG, MAN Latin America Ltda. and Scania AB will be represented in the management of Truck & Bus GmbH. The aim is to coordinate strategy, development, human resources, purchasing and other issues across the brands. This will lead to closer networking among the brands, shorter decision-making paths and swifter implementation.