Daimler has sold its remaining stake in EADS for nearly US$3 billion. The sale sees Daimler exit the aerospace industry nearly 13 years after it helped to found the Airbus parent company.
Cash received from the sale will contribute positively to Daimler’s cash flow, the company’s finance director, Bodo Uebber said in a statement.
Daimler’s exit follows founding shareholder Lagardere’s exit from EADS last week, with both moves seen as a precursor to a public offering for EADS shares in the near future.
EADS was formed in 2000 from the merger of several European aerospace companies, including Daimler’s DASA.
Meanwhile, Airbus is looking to increase production in Turkey, making the company the largest aerospace partner in the country.
Airbus CEO Fabrice Bregier said the manufacturer is looking to double its US$74 million annual spending in Turkey in the near future, and by 2025 reach spending of USD$2.4 billion.
Airbus Military’s facilities in Turkey manufacture parts for the A400M military airlifter.