Toyota-backed Hino Motors to merge with Daimler-backed MFTBC.

Toyota-backed Hino Motors, a manufacturer of commercial vehicles and diesel engines, agreed to merge with Daimler-backed Mitsubishi Fuso Truck and Bus, a manufacturer of trucks and buses. Financial terms were not disclosed. "Today is a great day for all our stakeholders. We are shaping the industry by bundling our strengths. With a strong new company we combine our two trusted brands, our resources, competencies and expertise to even better support our customers in their transportation needs in the future. I feel honored and excited to be the designated leader of the new company and am grateful for the trust and encouragement from Toyota and Daimler Truck to make it happen." Karl Deppen, Mitsubishi Fuso CEO.