10 Nov 2022 13:36

Kamaz consolidates 100% of transmission JV with Germany's ZF

MOSCOW. Nov 10 (Interfax) - Truck maker Kamaz consolidated 100% of shares in its Russian transmission joint venture with Gemany's ZF Friedrichshafen AG, ZF Kama LLC, on November 9, data from the Unified State Register of Legal Entities showed.

ZF previously owned 51% of the joint venture, which was set up in Naberezhnye Chelny in 2005, and Kamaz owned the other 49%.

"Despite the decision made by our partner, the company is operating normally and fully meeting Kamaz's needs," the company said on its Telegram channel.

Kamaz did not disclose the terms of its acquisition of ZF's stake in the venture.

ZF Kama manufactures Ecomid (9S1310 TO) 9-speed and Ecosplit (16S1820 TO) 16-speed manual transmissions that can be used in 160 hp to 500 hp powertrains.

The venture received a subsidized loan of 500 million rubles from Russia's Industrial Development Fund (IDF) in the spring of 2021 to localize production of Traxon 12-speed automatic transmissions for various types of vehicles with capacity of 44 to 80 tonnes.

ZF Kama closed 2021 with net profit down 13% to 395 million rubles on revenue up 21% to 7.2 billion rubles, data in the SPARK-Interfax system showed.