Daimler to reduce Iran ties over nuclear policy
Reuters / Christiaan Hetzner

BERLIN, April 14 (Reuters) - Luxury carmaker Daimler (DAIGn.DE) became the latest German firm to reduce business ties with Iran in protest at its nuclear policy, a day after the U.S. called for swift sanctions to pressure Tehran.

Daimler's announcement of plans to sell its 30 percent stake in an Iranian engine maker and freeze the planned export to Iran of cars and trucks follows U.S. President Barack Obama's move to isolate Iran during a recent nuclear security summit in Washington. [ID:nN11158113] [ID:nN13250646]

That goal was supported by German Chancellor Angela Merkel and Daimler's decision to reduce ties with Iran follows similar action by German peers Siemens (SIEGn.DE), Munich Re (MUVGn.DE) and Allianz ALVGn.DE. [ID:nLDE60P1LJ] [ID:nLDE61H1Z2]

"The policies of the current Iranian leadership have compelled us to put our business relationship with that country on a new footing," Chief Executive Dieter Zetsche told shareholders at Wednesday's annual general meeting.

"In general, our business activities with Iran will now be limited to meeting our existing contractual obligations and continuing our cooperation with established customers."

Daimler said its business with Iran constituted less than a tenth of a percent of its 79 billion euros ($107.9 billion) in total global revenues last year.

Wednesday's move follows Daimler's decision last year to stop supplying parts to Iran Khodro, the Middle East's largest carmaker, which ... >>>

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