The German company MAN Nutzfahrzeuge AG has sold 43% of its shares in the joint Belarussian-German enterprise MAZ MAN. This was announced in Minsk yesterday by Deputy Director of the Minsk Motor Factory (MAZ) Alexei Tutubalin.
He said the shares had been bought by an Austrian company although the name of the company and the details of the deal have not been disclosed. However, according to Mr Tutubalin, the German company has not left the Belarussian market altogether and still owns 10% of shares in the joint enterprise.
The management of MAZ-MAN has also changed as a result. According to Mr Tutubalin, 'the German company MAN previously took complete responsibility for the management of the joint enterprise, which was probably a mistake.' He added that the German managers of MAZ-MAN had not taken into account the 'unique style of management that exists in Belarussian industry.' For this reason, a Belarussian has now been appointed director of the enterprise, Mr Tutubalin said.
MAZ-MAN was founded in 1997.