Over the past months, TRATON has made strong progress towards capital market readiness, which is to be achieved by the end of 2018. For example, internal processes and structures were set up in line with the requirements of capital markets. Through a potential IPO, TRATON would further increase its independence and financial flexibility, foster sustainable growth and advance its Global Champion strategy.
The Supervisory Board of Volkswagen AG today also approved the change of the legal form of TRATON AG into a Societas Europaea (SE). The SE legal form underlines the international character of TRATON and will support the Group in expanding its global platform. The registration of TRATON SE in the commercial register is expected by the end of the year 2018.
Hans Dieter Pötsch, Head of Volkswagen AG’s and TRATON’s Supervisory Boards, said: “The entire TRATON team did a fantastic job over the past years. The Group grew together faster than expected, realized synergies, entered into several strategic partnerships and built a completely new organization. Now is the right time to launch preparations to set the course for the future of TRATON.”
Frank Witter, member of the Management Board of Volkswagen AG responsible for Finance and IT, commented: “As passenger car and truck business are fundamentally different and synergies are basically limited to procurement, the separation of the two areas makes absolutely sense. We decided to take the next step in order to prepare the Group for a potential IPO. However, the final decision will then be taken depending on the market environment and at the respective point of time.”
Andreas Renschler, Chief Executive Officer of TRATON AG and member of the Management Board of Volkswagen AG responsible for Commercial Vehicles, said: “We expect to achieve capital market readiness by the end of 2018. Therefore, we are pleased about today’s decision of Volkswagen AG’s Supervisory Board. TRATON will now take the next steps at full speed. The employee representatives of Volkswagen, MAN and Scania have supported the path to capital market capability and the change into an SE in a very constructive way. For the employees of all brands working together under the umbrella of TRATON, this strengthens the sustainable safeguarding of employment.”