Nissan Motor Co., Ltd. and Nissan Diesel Motor Co., Ltd. today established a new joint equity company, Nissan Motor Light Truck Company Limited, based on an agreement concluded between the two vehicle manufacturers on May 19, 2003. Andy Palmer, program director in the Nissan Program Director's Office, has been appointed President.
The new company has an initial capitalization of one billion yen, with Nissan holding 85% of shares and Nissan Diesel 15%. However, Nissan Diesel is permitted to expand its shareholding to as much 25% of total stock.
The operations of the new company will cover development, manufacture and sale of 1-2 ton payload light duty truck bodies, drivetrain and associated parts. The company will not only target the Japanese light truck market but also those of China and Europe, where the expansion is expected. The new company will combine the purchasing and cost management expertise and know-how of Nissan and the product development capabilities of both companies as it seeks to strengthen cost competitiveness through synergies. It plans to launch high-quality, cost-competitive products on the global market from around 2006.
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New company overview |
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Name: |
Nissan Motor Light Truck Co., Ltd. |
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Location: |
Ageo City, Saitama, Japan |
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President: |
Andy Palmer |
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Initial capital: |
1 billion yen |
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Shareholder ratio: |
Nissan Motor Co., Ltd. 85% |
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Number of employees: |
119 |
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[Attached file]
Andy Palmer photo
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