MAN Completes VW Truck Acquisition in Brazil

German truck maker MAN AG said Tuesday it has completed its acquisition of VW Truck & Bus in Brazil, making MAN on a leader in the Brazilian commercial vehicle market.

Together the companies generated joint revenue of about $22 billion last year. MAN acquired VW Truck & Bus from Volkswagen AG for about $1.53 billion.

MAN also said its Latin American commercial vehicle activities will be integrated into a new company called MAN Latin America, and named Brazilian executive Roberto Cortes president.

VW Truck & Bus has been producing trucks and buses in Resende, Brazil, since 1996. The company is Brazil’s largest manufacturer of trucks with a gross vehicle weight of more than five tons.

The vehicles are primarily sold in Latin America and South Africa, and the company made about 56,000 trucks and buses last year.