Traton

Traton SE, known as the Traton Group, (formerly Volkswagen Truck & Bus AG) is a subsidiary of the Volkswagen Group and one of the world's largest commercial vehicle manufacturers with its MAN, Scania, and Volkswagen Caminhões e Ônibus brands. The company also has digital services branded as RIO.[2] In 2019, the Group sold around 242,000 vehicles.[1] The range of products includes light-, medium-, and heavy-duty trucks, as well as vans and buses. As of December 31, 2019, Traton employed around 83,000 people in its commercial vehicle brands.[1]

Traton SE
Formerly
  • Truck & Bus GmbH
  • Volkswagen Truck & Bus GmbH
  • Volkswagen Truck & Bus AG
  • Traton AG
Subsidiary
Traded as
IndustryAutomotive
PredecessorVolkswagen Group's heavy vehicle operations
FoundedJune 6, 2013
Headquarters
Munich
,
Germany
Key people
Andreas Renschler (CEO)
ProductsCommercial vehicles
Revenue €26.901 billion[1] (2019)
€1.884 billion[1] (2019)
€1.561 billion[1] (2019)
Total assets €45.183 billion[1] (2019)
Total equity €14.134 billion[1] (2019)
Number of employees
83,000[1] (December 31, 2019)
ParentVolkswagen Group (89.7%)
Websitewww.traton.com

History

In 1979, Volkswagen AG held a 67% share in Chrysler Motors do Brasil Ltda., a Brazilian commercial vehicle manufacturer. In 1980, Volkswagen acquired the remaining shares in Chrysler, renamed the company Volkswagen Caminhões e Ônibus Ltda., and assigned it to the Volkswagen Commercial Vehicles division.

In the early 2000s, Volkswagen contributed 3 billion German marks to Swedish Scania AB, controlling 34% of the voting rights and holding 18.7% of the share capital. In 2006, MAN SE presented Volkswagen and the other Scania shareholders with a takeover offer in the amount of 9.6 billion euros. A few days later, Volkswagen rejected the offer, and broached the subject of a potential truck alliance for the first time.

In October 2006, Volkswagen AG announced that it had acquired 15% of MAN SE, but did not intend to take over. On October 12, 2006, MAN SE increased its takeover bid to Scania by 400 million euros, bringing it to a total of 10 billion euros. At the same time, it bought additional shares, giving it control of about 14% of Scania AB. After the partners also rejected the revised offer, MAN withdrew the offer in January 2007 and began talks about a possible alliance between the three companies. To further consolidate this alliance, Volkswagen acquired another 14.9% of MAN. Shortly afterwards, Volkswagen announced that it now held 35.3% of the Scania voting rights. Volkswagen acquired a further 30.62% of the voting rights from the Swedish Investor AB and the Wallenberg foundations in March 2008. Volkswagen had already controlled this share in the past by means of an agreement with the existing shareholders.[3]

In December 2008, Volkswagen AG sold the Brazilian subsidiary Volkswagen Caminhões e Ônibus Ltda. to MAN SE for 1.2 billion euros. The company was incorporated into MAN Latin America Ltda. under a new name, selling the majority of its heavy trucks and buses under the Volkswagen Caminhões e Ônibus brand, alongside MAN Truck and Bus products. Volkswagen acquired further MAN SE shares at the beginning of May 2011 and was obliged to submit a takeover offer, which it did at the end of the same month. Volkswagen held the majority of voting rights at 55.9% at the end of the acceptance period. As part of further share purchases, Volkswagen announced voting rights of 75.03% on June 6, 2012. Due to the resulting statutory blocking minority of 25%, Volkswagen was given sole control of MAN SE. On April 16, 2013, Volkswagen AG applied for “Truck & Bus GmbH” to be entered into the commercial register of the city of Wolfsburg. On forming this new subsidiary, Volkswagen transferred the shares it held in MAN SE, with whom Truck & Bus GmbH signed a control and profit transfer agreement on June 6, 2013. Volkswagen AG held more than 89% of the Scania AB voting rights as a result of the shares in Scania held by its subsidiary, MAN.

In February 2014, Volkswagen issued a voluntary public takeover bid to the remaining shareholders of Scania. At the end of the acceptance period in June 2014, Volkswagen held 99.57% of the voting rights. Following the squeeze-out under Swedish law, Volkswagen AG became the holder of 82.63% of the voting rights directly and another 17.37% via MAN SE.[4]

At the beginning of July 2015, the shareholders' meeting of Truck & Bus GmbH decided to rename it Volkswagen Truck & Bus GmbH, a company based in Braunschweig. Andreas Renschler, at that time responsible for the Commercial Vehicles on the Board of Management of Volkswagen AG, became CEO. Martin Winterkorn was appointed as Chairman of the Supervisory Board. The shares Volkswagen held in Scania were transferred to the renamed holding company. Volkswagen Commercial Vehicles remained part of Volkswagen AG.

In 2016 Volkswagen Truck & Bus acquired a 16.6% stake in U.S. commercial vehicle maker Navistar International Corporation. Both companies entered into a strategic technology and supply cooperation initiative and established a purchasing joint venture.[5]

On June 20, 2018, it was announced that Volkswagen Truck & Bus was to be renamed Traton, effective from the third quarter of 2018.[6]

On June 26, 2018, Volkswagen Truck & Bus GmbH was transformed into a German stock corporation (Aktiengesellschaft), becoming Volkswagen Truck & Bus AG.[7]

In August 2018, Volkswagen Truck and Bus was renamed Traton AG.[8] They used their new name at their IAA 2018 press-conference with their tagline "Transforming Transportation".[9] Followed by the transformation into a European company (Societas Europaea or SE) in December 2018, the company was renamed Traton SE.[10]

On June 28, 2019, Traton was listed at the Frankfurt and Stockholm stock exchange. The placement price for the dual listing was set at 27.00 euros per share. A total of 57,500,000 ordinary bearer shares from Volkswagen AG's holdings were placed with investors, 11.5% of Traton's share capital.[11] Volkswagen raised 1.55 billion euros.[12]

In 2018, Volkswagen Truck and Bus and Hino Motors announced a wide-ranging strategic partnership for activities including procurement, technologies and logistics. In November 2019, they established a procurement joint venture called Hino and Traton Global Procurement, with 51% of it owned by Traton and 49% by Hino.[13]

On January 30, 2020, Traton announced a proposal to purchase all outstanding shares in Navistar.[14]

In February 2020, Traton announced that it intends to merge with MAN SE in order to simplify Traton’s overall structure. As a result of the merger, MAN Truck & Bus SE, Scania AB and Volkswagen Caminhões e Ônibus will become wholly owned direct subsidiaries of Traton.[15]

Corporate strategy

According to the company, teams of MAN and Scania engineers will jointly develop the core components of the powertrain. The management of the cross-brand project groups will be taken over by one of the two companies. Scania is responsible for large engines with 13 liter-capacity, whereas MAN is in charge of smaller units with five- to nine-liter engines. The breakdown for exhaust systems and gearboxes is similar.[16]

Corporate structure

Integration into the Volkswagen Group

Traton forms the Commercial Vehicles Business Area of the Volkswagen Group, which owns a 89.7% majority shareholding. The Commercial Vehicles Business Area formerly included the Volkswagen Commercial Vehicles brand, but following changes in the management structure of the Volkswagen Group, the Volkswagen Commercial Vehicles brand was reallocated to the Passenger Cars Business Area from 1 January 2019.[17]

Traton holds direct majority shareholdings in Scania AB (82.63%) and MAN SE (94.36%), along with 16.7% of Navistar International Corporation. MAN SE holds 100% of MAN Truck & Bus SE and 100% of MAN Latin America Ltda, along with the remaining 17.37% of Scania AB and 25% + 1 share of Sinotruk.[18]

Brands

MAN Truck & Bus

MAN Truck & Bus has medium- and heavy-duty trucks for long-haul and distribution transport, as well as for construction sites and special applications. In addition to urban, intercity, and touring coaches of the MAN and Neoplan brands, the TGE light transporter completes the range of models on offer. In 2019, MAN sold 104,887 vehicles, including 97,524 trucks and 7,363 buses. In 2019, sales revenue of the MAN Truck & Bus operating unit was 11.088 billion euros.[1]

Scania

Scania AB makes trucks for long-distance and distribution traffic, construction sites, and special areas, including autonomous trucks for enclosed areas. City and intercity buses, and coaches complete the product portfolio. In 2019, the brand sold 99,457 vehicles – 91,680 trucks and 7,777 buses.[1]

Volkswagen Caminhões e Ônibus

MAN Latin America mainly operates under the Volkswagen Caminhões e Ônibus (Portuguese for Volkswagen Trucks and Buses) brand specializing in developing markets. It has light-, medium-, and heavy-duty trucks for long-distance and distribution transport, construction sites, and special areas. City and intercity buses and coaches are also available. In 2019, MAN Latin America sold a total of 41,891 vehicles.[1]

RIO

RIO is the digital services brand of Traton.[19]

See also

References
  1. "Annual Report 2019" (PDF). Traton. 2020-03-23. pp. 4, 96–98, 100, 103–104. Retrieved 2020-04-10.
  2. "Strategy update: Traton – 2019 edition – a new Automotive World report". Automotive World. 2019-11-28. Retrieved 2019-11-28.
  3. "Volkswagen takes control of Scania". The Economic Times. 2008-03-04. Retrieved 2019-11-28.
  4. Joseph, Noah (2015-05-05). "Volkswagen Group launches Truck and Bus GmbH". Autoblog. Retrieved 2019-11-28.
  5. Yerak, Becky. Volkswagen buying $256 million stake in Navistar. chicagotribune.com. Retrieved 2017-01-06.
  6. Taylor, Edward (2018-06-20). "Volkswagen Truck & Bus to be renamed Traton". Reuters. Retrieved 2019-11-28.
  7. Volkswagen Truck & Bus completes transformation into a stock corporation. Retrieved 2018-06-27.
  8. "Traton is a company for a new era of transportation. An Interview with Andreas Renschler".
  9. "IAA TRATON 23.08.18 - Traton @ IAA_18".
  10. Schweiger, Andreas (2018-12-20). "VW stellt Nutzfahrzeugtochter Traton neu auf". Braunschweiger Zeitung. Retrieved 2019-11-28.
  11. Costello, Patrick (2019-06-28). "Volkswagen sets Traton IPO price at EUR27 a share". MarketWatch. Retrieved 2019-11-28.
  12. Rauwald, Christoph (2019-06-28). "Volkswagen's Truck Unit Opens Flat in Frankfurt Trading Debut". Bloomberg. Retrieved 2019-11-28.
  13. Williams, Marcus (2019-11-05). "Traton and Hino sign procurement JV". Automotive Logistics. Retrieved 2020-02-25.
  14. Miller, Joe; Campbell, Peter (2020-01-30). "VW offers $2.9bn for control of US truckmaker Navistar". Financial Times. Retrieved 2020-02-25.
  15. "TRATON seeking to execute a squeeze-out of the non-controlling shareholders of MAN SE in accordance with merger law". 28 February 2020. Retrieved 14 March 2020.
  16. VW Trucks Unit Allocates Development Projects Within Scania, MAN. Bloomberg.com. 2016-09-28. Retrieved 2017-01-06.
  17. "Interim Report January - September 2019" (PDF). Volkswagen AG. 2019-10-30. p. 50. Retrieved 2019-11-28.
  18. "MAN SE Company Presentation" (PDF). www.corporate.man.eu. 2020-03-01. Retrieved 2020-05-23.
  19. Straight, Brian (2019-02-10). "Traton charges ahead with €2 billion investment in electric, autonomous vehicles". Freight Waves. Retrieved 2019-11-28.
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