Traton

Traton Group
legal form	Societas Europaea
ISIN	DE000TRAT0N7
founding	2018
Seat	Munich , Germany
management	Matthias Gründler, CEO Hans Dieter Pötsch , Chairman of the Supervisory Board
Number of employees	83,000
sales	26.9 billion euros
Branch	commercial vehicles
Website	traton.com/de
As of December 31, 2019

Traton SE (spelling TRATON GROUP), until August 30, 2018 Volkswagen Truck & Bus , based in Munich, is a listed commercial vehicle and bus manufacturer with its brands MAN , Scania and Volkswagen Caminhões e Ônibus and RIO, the majority of which is owned by Volkswagen AG . In 2019, the brands of the Traton Group sold a total of around 242,000 vehicles. The range includes light, medium and heavy trucks as well as vans and buses. At the end of 2019, the company had around 83,000 employees at 29 locations in 17 countries.

history

In 1979, Volkswagen acquired a 67 percent stake in the Brazilian commercial vehicle manufacturer Chrysler Motors do Brasil . In 1980 Volkswagen took over the remaining shares in Chrysler, renamed the company Volkswagen Caminhões e Ônibus and assigned it to the Volkswagen Commercial Vehicles division.

In the early 2000s, Volkswagen acquired a stake in the Swedish Scania AB for DM 3 billion, controlling 34 percent of the voting rights and holding 18.7 percent of the share capital. In 2006, MAN Volkswagen and the other Scania shareholders submitted a takeover offer worth 9.6 billion euros. This would have created the largest European commercial vehicle manufacturer. A few days after the offer, Volkswagen turned it down and spoke of a truck alliance for the first time.

In October 2006, Volkswagen announced that it had acquired 15 percent of MAN, but did not intend to take over. On October 12, 2006, MAN increased its takeover offer to Scania by 400 million euros to 10 billion euros. At the same time it bought more shares and controlled about 14 percent of Scania AB. After the partners also rejected the improved offer, MAN withdrew it in January 2007 and started talks about a possible alliance between the three companies. In order to further consolidate the possible alliance, Volkswagen acquired a further 14.9 percent in MAN. A mandatory offer would only have been due from 30 percent. Shortly afterwards, Volkswagen announced that it had 35.3 percent of the voting rights in Scania. Volkswagen acquired a further 30.62 percent of the voting rights in March 2008 from the Swedish investor AB and foundations of the industrial family Wallenberg . Volkswagen has already controlled this stake now acquired in the past by means of an agreement with the previous shareholders.

In December 2008, Volkswagen sold the Brazilian subsidiary Volkswagen Caminhões e Ônibus to MAN for 1.2 billion euros. The company was renamed MAN Latin America , but sells - in addition to MAN products - the majority of its heavy trucks and buses under the Volkswagen brand to this day. Volkswagen AG acquired further shares in MAN AG at the beginning of May 2011 and was obliged to submit a takeover offer, which was made at the end of the same month. After the end of the acceptance period, Volkswagen held a majority of the voting rights of 55.9 percent. As part of further share purchases, Volkswagen announced on June 6, 2012 that it had 75.03 percent of the voting rights. With the statutory blocking minority of 25 percent that was no longer applicable, Volkswagen was given sole control over MAN AG. On April 16, 2013, Volkswagen applied for Truck & Bus GmbH to be entered in the commercial register of the city of Wolfsburg. Volkswagen bundled its stake in MAN in the new company, with which Truck & Bus concluded a domination and profit and loss transfer agreement on June 6, 2013. With the shares of the subsidiary MAN, Volkswagen held over 89 percent of the voting rights in Scania.

CEO Andreas Renschler at the IAA 2018

In February 2014, Volkswagen published a voluntary public takeover offer to the remaining Scania shareholders. At the end of the acceptance period in June 2014, Volkswagen held 99.57 percent of the voting rights. Following the squeeze-out under Swedish law, Volkswagen AG directly owns 83 percent of the voting rights and a further 17 percent through MAN.

At the beginning of July 2015, the Truck & Bus shareholders' meeting decided to rename the company to Volkswagen Truck & Bus, based in Braunschweig. Andreas Renschler , who was responsible for the commercial vehicles division on the Volkswagen board of directors, became managing director . Martin Winterkorn , then Chairman of the Volkswagen Board of Management, was appointed Chairman of the Supervisory Board. The shares in MAN and Scania were brought into the renamed holding company. Volkswagen Commercial Vehicles remained a legal part of Volkswagen and has been operating independently of Volkswagen Truck & Bus ever since.

In mid-April 2018, Volkswagen Truck & Bus relocated its headquarters from Braunschweig to Munich. In June it became known that Volkswagen Truck & Bus will be renamed the Traton Group.

In October 2018, Traton announced that it would sell MAN's stake in the transmission specialist Renk and the generator manufacturer MAN Energy Solutions to Volkswagen AG. The company is thus focusing on trucks, buses and digital transport solutions before a possible IPO.

In December 2018, Traton formally made the change to a European company. The company has been operating under the name Traton SE ever since. The company's share has been listed on the Frankfurt and Stockholm stock exchanges since June 28, 2019 .

Timeline of the Traton Group vehicle brands since 1935
company	1930s					1940s										1950s										1960s										1970s										1980s										1990s										2000s										2010s							brand
	5	6th	7th	8th	9	0	1	2	3	4th	5	6th	7th	8th	9	0	1	2	3	4th	5	6th	7th	8th	9	0	1	2	3	4th	5	6th	7th	8th	9	0	1	2	3	4th	5	6th	7th	8th	9	0	1	2	3	4th	5	6th	7th	8th	9	0	1	2	3	4th	5	6th	7th	8th	9	0	1	2	3	4th	5	6th	7th	8th	9	0	1	2	3	4th	5	6th
Volkswagen																Volkswagen																																																																			Volkswagen commercial vehicles
Scania	Scania-Vabis																																		Scania to Saab																										independent																						Scania
MAN	MAN																																																			MAN																															MAN
Büssing AG	Büssing																																	Over				MAN-Büssing								MAN
Steyr Daimler Puch												Steyr Daimler Puch																																												MAN
Star trucks														FSC Star																																									privatization										MAN
Neoplan	Thank God Auwärter																																																																Neoman																Neoplan
Volkswagen Caminhões																								Simca								to Chrysler			Dodge											Volkswagen																													to MAN								Volkswagen Caminhões e Ônibus
 Brand of an independent company before participation or takeover by Volkswagen, possibly already active in other areas beforehand  Brand of a company that partly belongs to Volkswagen  Brand of a company that is majority owned by Volkswagen  Brand of Volkswagen or a wholly owned subsidiary

Corporate strategy

A Navistar International Prostar

The group was founded in 2015 to bring the three brands MAN, Scania and VWCO together under one roof.

The Traton Group's stated goal is to be the “Global Champion” of the commercial vehicle industry in terms of sales figures, profitability , innovation and customer satisfaction by 2026 . The pillars of this strategy are the expansion of local market leadership and global expansion, as well as the creation of synergies through deeper collaboration between the brands and a common culture within the group. The bundling of the commercial vehicle brands under one roof allows a stronger concentration on their specific concerns and thus faster decisions. According to the company, the IPO in June 2019 will form the basis for further growth and give the company more entrepreneurial flexibility and access to the capital markets.

Global expansion is being driven by strategic partnerships with the US commercial vehicle manufacturer Navistar International Corporation , the Chinese company Sinotruk and the Japanese Hino Motors . The Traton Group acquired 16.6 percent of the shares in Navistar in September 2016, thereby gaining access to the North American market. The focus of the cooperation should be on common drive systems. Since 2009, the Traton Group has held 25 percent plus one share in Sinotruk. In spring 2018, Hino Motors and Traton agreed a cooperation. In the course of this, the companies want to cooperate closely in purchasing and in the area of ​​electromobility.

Corporate structure

Integration into the Volkswagen Group

Traton SE is a subsidiary of Volkswagen AG. Traton subsidiaries include Scania and MAN. MAN, based in Munich, is in turn the parent company of MAN Truck & Bus AG and MAN Latin America Ltd. (mainly Volkswagen Caminhões e Ônibus).

Brands

Traton Group vehicles with electric drives

MAN

MAN Truck & Bus is the “full-range supplier” of commercial vehicles within the group. The MAN brand offers light to heavy trucks for long-distance and distribution transport as well as construction sites and special areas of application. In addition to city buses, intercity buses and coaches from the MAN and Neoplan product brands , light vans expand the range. Some of the products are available with alternative drives. There are also numerous services. Since 2017, all trucks have been equipped with digital solutions offered by RIO as standard. In 2019, MAN sold a total of around 104,887 vehicles, of which 97,524 were trucks and 7,363 buses. In the same year sales rose by around 3 percent to around 11.1 billion euros.

Scania

Volkswagen Crafter and Scania's newest truck generation

Scania offers trucks for long-distance and distribution transport, construction sites and special areas. Including autonomous trucks for closed areas such as mines. City buses, intercity buses and coaches expand the product portfolio. Some of the vehicles are available with alternative drives and electric drives. In addition to numerous services - especially in the area of ​​digital networking - selected offers from RIO will also be available from spring 2017. At the end of 2018, Scania had over 360,000 connected trucks on the roads. In 2019, the company sold around 99,457 vehicles - 91,680 trucks and 7,777 buses.

Volkswagen Caminhões e Ônibus

The MAN TGE and Volkswagen Constellation

MAN Latin America operates primarily with the Volkswagen Caminhões e Ônibus (VWCO) brand and specializes in the needs of developing markets. Light, medium and heavy trucks are offered for long-distance and distribution traffic, construction sites and special areas. There are also city buses, intercity buses and coaches. Some of the products are available with alternative drives. The services are tailored to the specific customer needs. In 2019, the VWCO operating unit sold 41,891 vehicles. Of these, 35,282 were trucks and 6,609 were buses. Sales rose by around 22 percent to 1.7 billion euros.

RIO

Andreas Renschler introduces the partner companies of the open platform RIO.

With its digital brand RIO, the Traton Group has been offering an open, cloud-based solution for the transport and logistics industry since 2016. RIO bundles digital services and thus networks all those involved in the supply chain via a uniform information and application system with forecasting functionality. RIO offers a joint solution that can be used regardless of the vehicle brand.

Share and shareholders

On June 28, 2019, Traton was listed on the Frankfurt and Stockholm stock exchanges. In the dual listing , the placement price was set at 27 euros per share. A total of 57.5 million shares from the VW portfolio were placed with investors. With an initial free float of 11.5 percent, the IPO brought in 1.5 billion euros.

The company's share capital is divided into 500 million no-par value  shares . The free float is 10.3%. The main shareholder is Volkswagen AG with 89.7%. The Traton share has been part of the SDAX since September 16, 2019 .

management

The Executive Board of TRATON SE at the IAA 2018

The board of directors of the Traton Group consists of the chairmen of the board of directors of the brands and other cross-sectional functions that are set up in a matrix organization. In this way, the interests of the group and the individual brands can be coordinated. In addition to Andreas Renschler, Chief Executive Officer of Traton SE and member of the Board of Management of Volkswagen AG, the Traton Group Management Board includes four other managers: Christian Schulz, responsible for finance and corporate development, Antonio Roberto Cortes, Chief Executive Officer Volkswagen Caminhões e Ônibus, Joachim Drees, Chief Executive Officer MAN, Henrik Henriksson, Chief Executive Officer Scania, Christian Levin, responsible for research and development and procurement and Carsten Intra, responsible for HR and IT.

On July 15, 2020, Matthias Gründler , who was CFO at the commercial vehicle manufacturer with the brands MAN, Scania and Volkswagen Caminhões e Ônibus until May 2018 , will take over as CEO from Andreas Renschler . After Joachim Drees , Andreas Tostmann was once the brand director at Volkswagen Passenger Cars for production and logistics. At the same time, the HR and IT department, represented by Carsten Intra, will be dissolved and the other board members will be jointly responsible for their functions.

	Business area	Member since
Matthias Gründler	CEO	15th July 2020
Christian Schulz	" Finance and Corporate Development "	June 15, 2018
Antonio Roberto Cortes	CEO Volkswagen Caminhões e Ônibus	March 2009
Andreas Tostmann	CEO MAN SE	15th July 2020
Henrik Henriksson	CEO Scania AB	January 1, 2016
Christian Levin	" Research and Development " and " Procurement "	2019

Web links

• Homepage
• Volkswagen commercial vehicles

Individual evidence

1. ↑ ^{a b c} Traton Group: Annual Report 2019 (PDF; 4.53 MB) March 23, 2020, p. 4 , accessed April 9, 2020 . 
2. ↑ TRATON is a company for a new era of transport , interview with Andreas Renschler
3. ↑ Volkswagen Group homepage. (No longer available online.) In: www.volkswagenag.com. Archived from the original on November 12, 2016 ; Retrieved December 25, 2016 . 
4. ↑ Volkswagen AG: Annual Report 2015 . 2016 ( zeit.de [accessed October 10, 2019]).
5. ↑ Volkswagen Truck & Bus GmbH aims to be among the world's best . ( [1] [accessed August 31, 2018]).
6. ↑ Volkswagen Truck & Bus becomes the Traton Group . ( [2] [accessed August 31, 2018]).
7. ^ Carsten Steevens: VW prepares Traton for an IPO. In: Börsen-Zeitung. October 26, 2018, accessed October 10, 2019 . 
8. ↑ Andreas Schweiger: VW is reorganizing its commercial vehicle subsidiary Traton. In: Braunschweiger Zeitung. December 20, 2018, accessed October 10, 2019 . 
9. ↑ ^{a b} Shares in VW subsidiary Traton under pressure after IPO. In: Zeit Online. June 28, 2019, accessed October 10, 2019 . 
10. ^ Gerhard Mauerer: Volkswagen Truck & Bus becomes Traton. In: Automobilwoche. June 20, 2018, accessed October 10, 2019 . 
11. ↑ Volkswagen Truck & Bus at the IAA Commercial Vehicles 2016: Sustainability through cleaner and intelligent technologies. (No longer available online.) In: Wolfsburger Blatt. Wolfsburger Blatt, September 21, 2016, formerly in the original ; accessed on November 24, 2016 .  ( Page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.    
12. ↑ ^{a b} Volkswagen plans dual listing for TRATON SE. In: Traton Group. June 3, 2019, accessed October 10, 2019 . 
13. ↑ Uli Baumann, Andreas Of: CEO: 2025 more e-trucks than Tesla. In: auto motor sport. January 4, 2018, accessed October 10, 2019 . 
14. ↑ Volkswagen Truck & Bus enters into a strategic alliance with Navistar. Volkswagen AG, September 6, 2016, accessed October 10, 2019 . 
15. ↑ dpa: - Volkswagen Commercial Vehicles gets partners for e-mobility. In: Motor-Talk.de. September 18, 2018, accessed October 10, 2019 . 
16. ↑ MAN SE. MAN, accessed October 10, 2019 . 
17. ↑ Management: MAN Latin America. MAN, accessed October 10, 2019 . 
18. ↑ MAN at a glance. MAN Truck & Bus, accessed on October 10, 2019 . 
19. ↑ Traton Group: Annual Report 2019 (PDF; 4.53) March 23, 2020, p. 99 , accessed April 9, 2020 . 
20. ↑ Scania at a glance. In: Scania Group. Retrieved October 10, 2019 . 
21. ↑ Traton Group: Annual Report 2019 (PDF; 4.53 MB) March 23, 2020, p. 98 , accessed April 9, 2020 . 
22. ↑ Traton Group: Annual Report 2019 (PDF; 4.53 MB) March 23, 2020, p. 100 , accessed on September 4, 2020 . 
23. ↑ RIO - The logistics platform for everyone. Retrieved October 10, 2019 . 
24. ↑ ^{a b} share & financial figures. Retrieved September 16, 2019 . 
25. ↑ Extraordinary adjustment; Changes will take effect on September 16. In: www.dax-indices.com. September 11, 2019, accessed September 16, 2019 . 
26. ↑ Board of Traton. Traton Group, accessed October 10, 2019 . 
27. ↑ Reorganization of the TRATON board of directors - Andreas Renschler hands over management to Matthias Gründler. Traton Group, accessed July 15, 2020 .