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Old 04-26-1999, 09:41 PM
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Daimler-Benz Acquires Stake in AMG

Gradual equity participation
Take-over to be completed by January 1, 2009
Motor Sport department to be spun-off as AMG Motorsport GmbH

Stuttgart, June 26, 1998
Daimler-Benz AG has decided to take over AMG GmbH, Affalterbach, gradually over a period of time. The new company is to be known as "Mercedes-AMG GmbH" and will have its seat in Affalterbach. On January 1, 1999 AMG will transfer 51 percent of its business shares to Daimler-Benz. In the second phase, which will be completed by December 31, 2001, Daimler-Benz will take over a further 24.1 percent. The remaining shares will be transferred by the current owner of AMG, Hans Werner Aufrecht by January 1, 2009. Both companies have agreed not to reveal the agreed purchase price.

"We are convinced that the high-performance sports car segment will continue to be lucrative in the future" explained Prof. Jürgen Hubbert, member of the Daimler-Benz Board of Management for the Passenger Cars division. "To date, unlike some of its competitors, the Mercedes-Benz brand has not been represented with its own product in this attractive segment of the passenger car market. The purchase of AMG now gives us the chance to expand the existing brand's position on the market in a sensible manner."

Mercedes-AMG will continue to be responsible for development, production, purchasing, marketing and other administrative tasks in the future and will be managed by Dr. Wolfgang Bernhard and Domingos Piedade. Prof. Hubbert explains: "The key to the success of Mercedes-AMG will be its independence and its flexibility coupled with the know-how of the Passenger Cars division at Daimler-Benz. We will be able to achieve this with this new company structure."

The Daimler-Benz AG and AMG GmbH, which was founded in 1967 by Hans Werner Aufrecht (A) and Erhard Melcher (M) in Großaspach (G), have enjoyed close relations for many years now. The two companies concluded a cooperation agreement in mid 1990 which goes far beyond the pure sporting interests of both companies. Amongst other things, this contract resulted in the C 36 AMG which was developed jointly by both companies in 1993. Last year Daimler-Benz sold approximately 2,800 AMG-Mercedes cars (based on C- and E-class models). In addition, AMG optically revalorized approximately 10,000 Mercedes-Benz passenger cars from several different ranges and fitted some 26,000 vehicles with AMG sets of wheels in 1997. Approximately 500 people are employed in the Affalterbach plant, approximately 100 of which work in the motor sports department. Last year AMG recorded a total turnover of just under DM 290 million.

In addition to the new Mercedes-AMG GmbH, a framework agreement covering the foundation of AMG Motorsport GmbH has also been reached. This agreement covers AMG and Mercedes-Benz' motor sports activities for the next five years.

© Daimler-Benz AG

Adrian Eckenrod
86 190 2.3-16
83 944 ITS Racer

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