DaimlerChrysler and German-based engineering group ThyssenKrupp plan to form a joint venture to build steering systems, according to media reports. An IG Metall union representative told Reuters that under the plan Thyssen would take a 60 percent stake in the joint venture, with Daimler holding the remaining 40 percent.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

A union source told Reuters that the management of both companies had signed declarations of intent on January 21, with an option for Thyssen to buy out the Daimler stake in 2005 as part of the agreement.


Both companies have declined to comment on the reports but a ThyssenKrupp spokesman has confirmed that the companies have been in talks.


The possibility of industrial action by workers opposed to the plan has already emerged.


The joint venture could involve the shifting of some of the activity of Mercedes-Benz Lenkungen GmbH to Schoenebeck near Magdeburg in eastern Germany from its current location at Duesseldorf, the IG Metall union told Reuters.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The Handelsblatt newspaper reports that workers at Lenkungen, might cut two overtime shifts next weekend to protest against the agreement.


It was reported last autumn that the two companies were in talks. DC has been keen to spread the high costs incurred by its Lenkungen steering unit.


ThyssenKrupp has been relatively active in automotive M&A activity in recent years, with a number of negotiations involving parts units owned by vehicle makers. The company has also been in talks with GM’s Opel about its Kaiserslautern parts facility.