It was five months ago that Aston Martin and Mercedes-Benz signed a letter of intent to begin a technical partnership between the British sports car maker and the German's automaker fast branch, AMG. Now, the two have announced the technical partnership is a go.
As part of this of this new partnership, Aston Martin will work with AMG on building bespoke V8 engines for their lineup. In return, Mercedes-Benz's parent company, Diamler AG will get five percent of non-voting shares in the automaker and receive observer status on the board.
"Our company is this year celebrating its centenary, and the partnership agreed today underpins prospects for Aston Martin's bright, vibrant and dynamic second century in the sports car business. This strategic collaboration for Aston Martin will, in our next generation of luxury sports cars, offer our customers increased performance and efficiency whilst retaining the unique character and style of an Aston Martin," said a Aston Martin spokesman.
Source: Aston Martin
Press Release is on Page 2
ASTON MARTIN AND DAIMLER SIGN TECHNICAL PARTNERSHIP AGREEMENTS
- Supply and development agreements for engines signed
- Electric/Electronic (E/E) component supply planned- Daimler to receive up to five per cent equity in Aston Martin
Thursday 19 December, 2013, Gaydon/Stuttgart: Aston Martin Lagonda Ltd and Daimler AG have signed an agreement for a significant technical partnership between Aston Martin, Daimler and Mercedes-AMG GmbH, a 100% subsidiary and high-performance brand of German automotive corporation Daimler AG.
Following the signing of a Letter of Intent in July the two companies have continued to work together, exploring opportunities for co-operation and these discussions have resulted in the signing of definitive agreements.
The agreement will allow Mercedes-AMG and Aston Martin to develop bespoke V8 engines supporting Aston Martin's launch of a next generation of models that will incorporate cutting edgetechnology and newly-developed engines, combining high performance and fuel efficiency.
Daimler will receive up to five percent non-voting shares in Aston Martin without cash consideration in several steps following the progress of the technical partnership. At the same time, the company will receive an observer status on the Aston Martin Holdings board. Daimler joins Aston Martin's existing shareholder body that includes Primewagon, Adeem Investment and Investindustrial.
The parties are working to conclude the terms of an additional cooperation for the supply of electric/electronic (E/E) components. Furthermore, the two groups will investigate additional areas of cooperation in the future.
Aston Martin will continue to manufacture all of its sports cars at its Gaydon headquarters in Warwickshire, England.
A spokesperson for the Aston Martin board said: "Our company is this year celebrating its centenary, and the partnership agreed today underpins prospects for Aston Martin's bright, vibrant and dynamic second century in the sports car business."
"This strategic collaboration for Aston Martin will,in our next generation of luxury sports cars, offer our customers increased performance and efficiency whilst retaining the unique character and style of an Aston Martin."
Tobias Moers, Chairman of the Management Board of Mercedes-AMG GmbH: "By signing the Umbrella Agreement and the Engine Agreement both parties have agreed to this technical partnership: Mercedes-AMG will provide the British icon Aston Martin with engines for their forthcoming sports cars. At our company´s headquarters in Affalterbach we are proud to work with Aston Martin – this agreement is a real win-win situation for both sides.