Caterpillar, Navistar To Build Trucks In US, Form JV Abroad
Caterpillar Inc. (CAT) and Navistar International Corp. (NAV) have signed a definitive agreement to build Caterpillar-brand construction trucks for North America and to form a 50-50 joint venture to make commercial trucks and engines for overseas markets.
The heavy-equipment maker had said it planned to quit making engines for the U.S. truck market in 2010 to avoid the cost of complying with new domestic emissions standards.
The companies formed an alliance in June but had not previously released details about their plans.
Under the alliance, Caterpillar and Navistar will produce a new line of heavy-duty Caterpillar vocational trucks for North America only. The trucks will be co-developed by both companies and manufactured in the truck maker's plant in Garland, Texas.
They will feature key Caterpillar proprietary components and technology and will target customers in a variety of occupations, including earth moving, quarry, waste, mining, general and heavy construction, logging and road construction.
The trucks will be unveiled in late 2010 and will go into full production in early 2011. They will be sold and serviced exclusively by Caterpillar Dealers in North America.
The joint venture initially will focus on Australia, Brazil, China, Russia, South Africa and Turkey, where it plans to sell aero nose and cab-over designs under both the Caterpillar and International brands. The first products are expected to be available as early as the third quarter.
Caterpillar's shares were at $31.35, up 0.1%, in after-hours trading while Navistar's rose 0.2% to $32.
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