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News of February
14, 2001
.
Ford, Navistar International Announce Joint Venture
From
left: Jim Donaldson, group vice president, global business strategy, Ford
Motor Company and John Horne, chairman, president and CEO of Navistar
International Corporation.
(Photo:
Roy Feldman/Ford)
Ford Motor Company and Navistar International Corporation, two leaders in the global truck and engine business, announced today that they intend to form a joint venture to build commercial trucks. They also intend to explore opportunities for greater cooperation in diesel engines for potential application in Ford's full range of truck products.
The alliance, yet to be named, will include production of Class 6 and 7 medium duty commercial trucks that will be marketed separately under the Ford brand for sale in North America and Navistar’s International® brand. The alliance will also look beyond medium trucks to explore opportunities in smaller commercial vehicles and diesel engine applications. It will be a 50-50 joint venture -- both companies will have equal representation on the venture’s board of directors, and neither company will have an equity stake in the other's parent company.
Initially, the joint venture will produce a common chassis for Class 6 and 7 commercial trucks (19,501 – 33,000 pounds gross vehicle weight) for sale in North America. Navistar will provide product design and engineering, vehicle assembly operations and expanded diesel engine programs. The trucks’ cabs, interiors, nomenclature and vocational focus will be distinctly Ford or International and will be sold separately through Ford dealers in North America and International dealers in Mexico. Navistar's facility in Escobedo, Mexico will build the trucks. The joint venture will also include a joint North American commercial truck service parts program that will provide enhanced efficiency and streamlined customer service.
The alliance will also explore development of additional business ventures for diesel truck engine products for global markets. Horne added: “This is a strategic alliance that just begins to explore ways to deliver value to customers through joint leadership and global scale. We are excited about moving forward with Ford Motor Company as their ‘Center of Excellence’ partner for commercial trucks and diesel truck engine applications.”
“This new alliance, which will build on an already strong relationship with Navistar -- supplier of our proven, best-selling Power Stroke diesel engine -- will be great for our dealer body, our customers and for Ford Division as a whole,” said Jim O'Connor, Ford Division president. “With global consolidation in the commercial truck business, this tie with Navistar will significantly improve the competitive position of both companies. This alliance will reinforce Ford's ongoing commitment to be a fierce competitor in the commercial truck business.”
The joint venture is pending regulatory approval, due diligence and final agreement on the business details by Ford Motor Company and Navistar International Corporation.
(Feb. 12, 2001)
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