Daimler splits up and goes public with the truck division.
Their boss Martin Daum sees many advantages in this - but also says: What was important before remains important.
Stuttgart - Daimler Truck boss Martin Daum does not see any completely new challenges for the truck and bus sector as a result of the planned IPO.
The ones that have to be dealt with have not changed: the ups and downs of the economy, especially now in connection with the corona crisis, the cost structure and the transformation of the industry itself.
"They are there and stay there, completely independent of the ownership structure," said Daum of the German press agency.
At the same time, the company will gain speed and flexibility through the splitting up of the Daimler Group and will be able to better advance the development of the technologies that are most important for the truck sector.
"The time of large bureaucratic conglomerates is over," said Daum.
Daimler CEO Ola Källenius announced on Wednesday that the business would be split between just two completely independent AGs - Mercedes-Benz for cars and vans, Daimler Truck for trucks and buses.
Daimler AG as a superstructure is to disappear, as is Mobility AG for financial and mobility services.
The truck division is to go public in the course of a so-called spin-off.
The majority of the shares will be transferred to today's Daimler shareholders.
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Martin Daum, Chairman of the Board of Management of Daimler Trucks & Buses, speaks at a press conference of Daimler Trucks on the future electric technology strategy.
© Britta Pedersen / dpa
Daimler Truck boss Martin Daum: Separation is not an easy undertaking
"Ola Källenius and I have always noticed that when we talked about Daimler and our two businesses together, and prepared decisions, there was often a lot of coordination that took time," Daum explained.
"Now in the independent line-up, both businesses will be faster."
The separation is not an easy undertaking either, the way there took years.
"We are a structure that has grown together for 100 years and that now has to be reshaped and changed for the better," he said.
Daimler Truck is neither a loss-maker, as is sometimes shown, nor does the company need to be restructured.
"We are a strong company that can stand alone at any time," emphasized Martin Daum.
However, there are areas in the company, including in Europe, in which too little has been done to the cost structures for years.
"And we started to streamline this beforehand and we will continue to do so," said Daum.
Daimler Truck boss Martin Daum: Cash reserve should enable quick hit with investment opportunities
The change means that in some areas, such as engine or transmission production, fewer workers will be needed in the future.
That doesn't happen overnight, and demographic developments must be used for socially acceptable solutions.
But: "The employment situation is an issue that we cannot ignore," said Daum.
Financial flexibility, among other things, should bring an innovation fund with 1.5 billion euros.
According to Daum, this is a kind of cash reserve that should enable Daimler Truck to strike quickly when there are good investment opportunities - but not to secure permanent employment where it is actually not needed.
But you are in line with the employees.
"We have employee representatives who understand that short-term success must never overshadow the company's long-term perspective," said Daum.
"We fully agree that we will not invest in technologies that we will only need to a limited extent in the years 2025 to 2030."
(dpa)