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Navistar, Volkswagen Truck and Bus announce strategic alliance

Navistar, Volkswagen Truck and Bus announce strategic alliance

Navistar expects the alliance to be accretive beginning in the first year, and for cumulative synergies for Navistar to ramp up to at least $500 million over the first five years.

By year five it expects the alliance to generate synergies worth at least $200 million a year for Navistar, which could rise further as the companies continue to introduce technologies from the collaboration. The companies are expected to collaborate on strategic technology.

Navistar CEO Troy Clarke told CNBC's "Squawk Box" on Monday the alliance with VW takes advantage of "economies of scale" in what's increasing becoming a global industry.

Navistar CEO Troy Clarke told Reuters that having Volkswagen's technological input should assuage any customer fears over whether the USA truck company could meet future us emissions standards.

Volkswagen has made no secret of its desire to enter the North American market and several analysts have pointed to Navistar, with its large dealer network, as a natural target.

Volkswagen's MAN unit took a restructuring charge of more than EUR200 million previous year as part of Mr. Renschler's push to boost earnings and savings by more closely integrating the German truck maker with VW's Swedish manufacturer Scania.

"The strategic alliance with Navistar is an important milestone and will be very beneficial for both sides".

Executives at Wolfsburg, Germany-based VW, whose heavy truck business includes European brands MAN and Scania, are establishing a commercial foothold in the USA despite having lost almost $20 billion so far in fallout from failed emissions tests on many of VW's most popular passenger cars.

Montana's 1st 2016 West Nile death reported in McCone County
Goicechea says the virus is not usually seen in this part of the state but can be easily prevented through the vaccination. State health officials said Tuesday that the case brings to six the number of West Nile cases reported in Montana.

Volkswagen Truck & Bus is buying a minority stake in IL based Navistar.

He pointed out that the alliance offers complementary geographic footprint, with VW being strong in Europe and South America, and Navistar strong in North America and Latin America, especially Brazil.

Volkswagen AG will buy a 16.6 percent stake in Navistar International Corp. for $256 million as part of a strategic alliance with the struggling US truckmaker to enter the North American market.

To cement the new alliance Volkswagen will pay $15.76 a share for 16.2 million new Navistar shares, a 12 percent premium to Navistar's closing price on September 2, the two groups said. Navistar will receive $256M from the equity investment to be used for general corporate purposes.

Volkswagen has agreed a deal to buy a 16.6% stake in United States truck-maker Navistar.

When asked about whether VW could procure the rest of Navistar, or spin off its trucking business from its parent company, Volkswagen Trucks CEO Andreas Renschler said "all options are open", according to Automotive News.

Volkswagen's investment also provides a measure of stability for cash-strapped Navistar, which has battled worries from customers and investors that it would run out money.

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