28 Jun 2022 13:35

Kamaz consolidates parity brake production JV with Germany's Knorr-Bremse

MOSCOW. June 28 (Interfax) - A former joint venture between Kamaz and German concern Knorr-Bremse for the production of brake systems, Knorr-Bremse KAMA LLC, which was owned by the parties on a parity basis, has been consolidated by the Russian auto manufacturer and renamed Kamaz Brake Systems LLC, Kamaz said in its corporate newspaper.

The corresponding changes were entered into the Unified State Register of Legal Entities on Monday.

Kamaz is not commenting on the terms of the deal with its German partner. Manfred Kindermann, director general of the former JV, is managing Kamaz Brake Systems, according to the newspaper.

The changes in the enterprise's founders will not affect production operations, the Kamaz press service said. "The enterprise is continuing manufacturing activity thanks to a high level of localization of output and intends to further develop its product line for Kamaz trucks," Oleg Afanasyev, head of the press service, was quoted as saying by the corporate newspaper.

The enterprise has produced brake systems for trucks, buses, and fifth wheel tractor trucks in Naberezhnye Chelny since 2007.

According to the SPARK-Interfax analytical system, the company's revenue to Russian Accounting Standards totaled 3.6 billion rubles, up 26%, in 2021, and its net profit was 184.4 million rubles compared to 132.4 million rubles the year before.

Kamaz CEO Sergei Kogogin said at the end of May that all of the company's joint enterprises with foreign companies were operating in spite of the situation that developed at the end of February after the start of the special military operation in Ukraine. "It doesn't matter how we divorced. We divorced from everyone in a civilized way for the most part. Everyone understands everything, and we're working. All JVs are working, and they are producing products just the same that Kamaz is using for the same purposes," Kogogin said.