P.M. BRIEFING : Mercedes-Benz Company Formed
Mercedes-Benz Ag stock company was formed here today to become the largest corporate unit of the Daimler-Benz group and the second-largest West German car maker in sales volume.
A Daimler spokesman said the Mercedes-Benz capitalization was set at 1.8 billion marks ($900 million). Final approval of the formation is set for June 28, at Daimler-Benz’s annual shareholder meeting in West Berlin.
The company, which will be second to Volkswagen in sales, will be responsible for Daimler’s car and truck manufacturing operations at home and abroad.
Mercedes-Benz Ag comprises a work force of 170,000 at 11 production plants in West Germany, and a further 50,000 employees at manufacturing and sales outlets around the world.
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