Daimler Iranian joint venture with IKD and Mammut Group

Overview:

• Stuttgart based company, Daimler has signed a joint-venture agreement with two Iranian companies (Iran Khodro Diesel (IKD) and Mammut Group) to manufacture and distribute Mercedes Benz trucks and power-train components in Iran.
• Daimler left Iran in 2010 after more than 50 years in the country because of the economic sanctions, which were lifted last month.
• The German company was one of the first multi-nationals to return to the market after previously departing and intends to establish a representative office in Tehran.
• Daimler has plans to take to become a shareholder in engine joint venture, Iranian Diesel Engine Manufacturing (IDEM), which it co-founded.
• CMS Hasche Sigle, which has recently opened an office in Tehran, advised IKD.