Truckmaker MAN targets BRIC countries for growth

One of Europe's leading truckmakers, MAN SE is targeting the Brazil, Russia, India, China (BRIC) group of countries for its expansion plans in the areas of transportation, energy and green technology.

At the company's annual general meeting in Munich, the CEO of MAN SE Georg Pachta-Reyhofen said, ''The BRIC countries will continue to take centre stage. MAN is staying on the BRIC growth track which is just starting to bear fruit; Brazil is an excellent example of this.''

He announced that MAN would be launching a new truck brand for Asia in 2010 together with its Chinese partner Sinotruk and that the first few mass-produced hybrid city buses would also be delivered this year.

Munich, Germany-based MAN Group is Europe's third-largest truckmaker with total revenue of approximately €12 billion in 2009. The company operates through its three main sub-groups MAN Nutzfahrzeuge AG, MAN Latin America and MAN Diesel and Turbo, employing around 47,700 people worldwide.

MAN changed its legal form to a stock corporation last year under European law, known as Societas Europaea (SE). Its stock is listed on the German Stock Exchange.

German auto giant Volkswagen AG is MAN's single largest shareholder with 29.9 per cent stake.