Entry into truck leasing business
MAN Finance International GmbH (MFI), Munich, has acquired a 25.1% interest in EURO-Leasing GmbH, Sittensen. "This investment represents a logical extension of the value chain in the direction of vehicle sales," says Rainer A. Laber, CEO at MAN Finance International GmbH. MAN´s investment will strengthen the market position held by EURO-Leasing GmbH and its growth throughout Europe. The business concept implemented by EURO-Leasing GmbH will not be affected by MFI´s investment.MAN Finance International GmbH, a subsidiary of MAN AG, is an exclusive provider of financial services for MAN Nutzfahrzeuge and is currently represented in twelve countries. At the present time, every fourth MAN truck sold is financed via the MAN Finance Group and numbers are still rising. "The truck leasing market is playing an increasingly important role in this business and we anticipate annual growth rates of around 4.5 percent," says Soenke Weichenthal, Head of Sales Strategy at MAN Nutzfahrzeuge AG.EURO-Leasing GmbH is a leading truck leasing company headquartered in Sittensen near Hamburg. Its fleet currently includes 2,000 tractors and some 10,000 trailers. Apart from Germany, where EURO-Leasing GmbH has twelve sales offices, the company operates mainly in Denmark, Poland and Greece. In 2006, EURO-Leasing GmbH generated sales of around €150 million.Completion of the investment is subject to approval by the relevant antitrust authorities.