The partnership was initially established just three years ago, enabling both companies to pool their resources and purchase German engine maker Tognum for 3.4 billion euros. The acquired company specialized in engines for defense, marine and industrial applications.
“After the successful cooperation with Rolls-Royce and the positive development of RRPS, we are now taking the next logical step and are transferring our shares to our joint-venture partner,” said Daimler head Dr. Dieter Zetsche. “All parties involved will benefit from this move: Daimler as well as RRPS and its workforce.”
Another executive noted that the joint venture’s focus on industrial propulsion systems is a perfect fit for complete ownership under Rolls-Royce. The sale will consequently raise funds for Daimler to invest in its own core businesses.
Despite Daimler’s formal exit from shared ownership, the company promises to maintain partnerships with the London-based company. The sale will not affect existing supply agreements that extend into 2025.
“Irrespective of the ownership situation, we will remain closely connected with the company based on our supply relationship,” said Daimler’s trucks and buses division chief, Dr. Wolfgang Bernhard. “In close coordination with Rolls-Royce, we will further drive the business for heavy-duty and medium-duty diesel engines.”
Daimler’s stake was recently estimated to be worth approximately 1.9 billion pounds (~$3.18 billion USD).
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