Daimler cuts down business with Iran
Published in German daily newspaper “Handelsblatt” on 14. April 2010
Source (German): http://www.handelsblatt.com/unternehmen/industrie/politische-lage-daimler-reduziert-geschaeft-mit-dem-iran;2561619
English translation (excerpts) by @germantoenglish
Daimler has finally started to take politics into account: The car maker will reduce business activities in Iran to a minimum, following the example of other German major companies.HB BERLIN. “The policy of the current Iranian leadership requires that we put our business relations with Iran on a new footing”, said the chairman of the management board Dieter Zetsche on Wednesday at the annual general meeting in Berlin. The Stuttgart-based Group will liquidate its share in a subsidiary of the auto maker Iran Khodro, and for the time being will cease to supply trucks for civilian use to the Islamic Republic. However, according to Zetsche , it is not being planned to completely abandon business with Iran – all existing contractual obligations will be fulfilled.
The announcement of the German model company comes at a politically sensitive moment. At the conclusion of the nuclear summit in Washington, US President Barack Obama had advocated for a speedy implementation of UN sanctions against Iran. Daimler is the first German car maker to announce a withdrawal from Iran. Recently, the insurance companies Munich Re and Allianz had stated they would halt their Iran business. Siemens will not accept any new orders from Iran anymore.
The decision to cut down business with Iran was met with applause by the shareholders.