FRANKFURT, Germany (AP) — The automaker Daimler AG said Monday that its Mitsubishi Fuso Truck and Bus Corp. acquired stakes in a pair of Indonesian vehicle builders, a move geared toward strengthening its position in the market there.
Daimler said in a statement that Mitsubishi Fuso took an 18 percent equity stake in P.T. Krama Yudha Tiga Berlian Motors, or KTB, and a 32 percent stake in P.T. Mitsubishi Krama Yudha Motors and Manufacturing, or MKM.
Terms were not disclosed.
KTB is the wholesale organization marketing Mitsubishi Fuso commercial trucks and Mitsubishi passenger cars in Indonesia. MKM makes parts and assembles components for Mitsubishi Fuso trucks and Mitsubishi passenger cars in Indonesia. Both companies are based in Jakarta.
Indonesia is Mitsubishi Fuso's biggest market outside of its home country, Japan, and has more than 50 percent of the market for commercial trucks.
''For many years, we have successfully worked together with KTB and MKM in serving the Indonesia market. Share participation ... is the logical next stage in moving even closer to the market,'' Mitsubishi Fuso President Harald Boelstler said in a statement.
Shares of Stuttgart-based Daimler fell nearly 0.4 percent to 69.30 euros ($102.29) in midday trading Monday in Frankfurt.