Sergei Chemezov, head of the state-controlled hi-tech corporation Rostekhnologii (Russian Technology), which holds a 34% stake in the truck maker, said the deal was signed by Daimler, KamAZ, Troika Dialog and Rostekhnologii. The deal is worth $250 million.
Under the terms of the deal, Daimler will offer new technology for truck production and make use of KamAZ facilities, its dealer network and service stations. "In this way, Daimler will obtain access to the Russian and CIS market," Chemezov said.
Daimler may also allocate another $50 million in 2012 if performance results are good. The German company will have one chair on the KamAZ board of directors.
KamAZ, based in the Volga Republic of Tatarstan, produces more than 30 models of trucks, as well as trailers, buses, tractors and spare parts. It also manufactures engines, and components.
The company has assembly facilities in Poland, Kazakhstan, Azerbaijan, Ethiopia, Vietnam and Ukraine.
KamAZ heavy-duty trucks have won the Paris-Dakar rally on several occasions.
