Fleet Owner hosted the magazine's 2016 Fleet of the Year awards presentation at a special dinner held at the Country Music Hall of Fame and Museum in conjunction with the 2017 Technology & Maintenance Council (TMC) convention in Nashville, TN, with WIX Filters co-sponsoring the 15th annual recognition of fleet excellence.
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Navistar International Corp. announced the closing of its "wide-ranging strategic alliance" with Volkswagen Truck & Bus, which includes an equity investment in Navistar, a procurement joint venture, and technology and supply collaboration.
"This alliance with Volkswagen Truck & Bus marks a significant milestone in our company's history, and we expect it will create multiple benefits for both companies in both the near and long term," said Troy Clarke, Navistar chairman, president and CEO. "Now that the transaction has closed, we will move quickly to collaborate with an industry-leading, strategic partner to increase our global scale, strengthen our competitiveness, and provide our customers with expanded access to cutting-edge products, technology and services."
In fact, evidence of the new collaboration was already evident this week with Navistar's announcement at the ATA Technology & Maintenance Council annual meeting of the new A26 engine, based on the crankcase of a D26 engine from MAN – a German truck and engine manufacturer wholly owned by Volkswagen.
"The authorities have given our strategic alliance with Navistar the green light. Our newly-founded purchasing cooperation will begin work immediately. This puts both partners in a stronger position for the future. The strategic alliance provides Volkswagen Truck & Bus with access to the all-important North American market. This is a major step toward becoming a global champion," said Andreas Renschler, CEO of Volkswagen Truck & Bus.
With the closing of the alliance, Volkswagen Truck & Bus acquired approximately 16.2 million newly issued shares in Navistar, representing 16.6% of post-transaction undiluted common stock (or 19.9% of pre-transaction outstanding common stock), effective Feb. 28. As a result, Navistar receives $256 million to be used for general corporate purposes.
Renschler and Matthias Gründler, Chief Financial Officer of Volkswagen Truck & Bus, are joining Navistar's board of directors.
The companies' ongoing technology and supply collaboration, which operates out of ...Read the rest of this story
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...Read the rest of this storySome 4,500 attendees flocked to the 2017 Technology & Maintenance Council (TMC) annual meeting in Nashville, TN, with over 400 companies displaying their wares at the Music City Center convention hall. Here are just of few of the sights spotted on day two of this yearly gathering of fleet maintenance professionals. (All photos by Sean Kilcarr for Fleet Owner)
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