GERMANY: Technology deal gives Daimler a stake in Aston Martin
Daimler is to take a stake of up to 5% in Aston Martin as part of a technical tie-up between the British sports car maker and AMG, the performance division of Mercedes-Benz.
Aston Martin said the deal will give it "significant access" to the resources of AMG and Mercedes-Benz technology, allowing the development of V8 powertrains and the use of certain electric/electronic architecture components.
The company said in a statement: "The technical partnership will support Aston Martin's launch of a new generation of models that will incorporate cutting-edge technology and newly developed bespoke V8 powertrains.”
Product development director Ian Minards said that AMG had been specifically selected as the basis for powertrain development processes.
Aston Martin and Daimler signed a letter of intent today and will sign definitive agreements for the partnership during the second half of the year, subject to regulatory approvals. Daimler will own a stake of up to 5% non-voting shares in Aston Martin, joining existing shareholders that include Investment DAR, Adeem Investment and Investindustrial.
ASTON MARTIN IN TECHNICAL PARTNERSHIP WITH MERCEDES-AMG GMBH
Thursday 25 July, 2013, Gaydon: Aston Martin is today announcing moves towards a technical partnership with Mercedes-AMG GmbH, a 100% subsidiary and high-performance brand of German multinational automotive corporation Daimler AG.
A Letter of Intent to this end has been signed today and both parties are working towards signing definitive agreements before the end of the year. Such agreements are subject to applicable regulatory approvals.
The proposed deal will see Aston Martin access significant Mercedes-AMG GmbH and Mercedes-Benz Cars' resources, allowing the development of bespoke V8 powertrains and the use of certain components of electric/electronic (e/e) architecture.
Daimler AG will own a stake of up to five per cent non-voting shares in Aston Martin depending on the progress of the agreement. The company will join the existing shareholders that include Investment DAR, Adeem Investment and Investindustrial. The technical partnership will support Aston Martin's launch of a new generation of models that will incorporate cutting edget echnology and newly-developed bespoke V8 powertrains.
An essential element of the planned partnership is a supply agreement between Mercedes-AMG, Daimler AG and Aston Martin.
Aston Martin, which is Britain's most exclusive sports car company, is celebrating its centenary this year. The company will continue to manufacture all of its sports cars at its Gaydon headquarters in Warwickshire, England.
Aston Martin Product Development Director Ian Minards said: "We have selected AMG specifically as the basis for this powertrain development process.
"Aston Martin sources cutting edge technology from key suppliers around the globe and the opportunity to include content from Mercedes-AMG GmbH in our next generation sports cars is, clearly, good news."
He added: "Working with Mercedes-AMG in this waywhile, of course, remaining independent and preserving the unique character and style of Aston Martin that has been the mainstay of the company throughout its 100-year history, points to a very bright future for the company as it starts its second century in business."
Ola Källenius, Head of Mercedes-AMG GmbH said: "We are proud to work with Aston Martin and provide them with powertrain and e/e components for their forthcoming sports cars. This is proof of AMG's technological and performance expertise and a real win-win situation for both sides."
The companies confirm that their respective engineering teams will work together to optimise the implementation of this technical partnership.
Both parties have agreed that no further details of the planned technical partnership will be revealed for the time being.
Original source: Daimler