Manhindra acquires Navistar's stake in India joint ventures for $33M Mahindra & Mahindra and Navistar International announced that Mahindra intends to purchase Navistar Group's stake in Mahindra Navistar Automotives and Mahindra Navistar Engines. Mahindra would take complete ownership of operations and continue to sell MNEPL and MNAL products. The sale is expected to be completed in early 2013. The terms of the proposed transaction call for Mahindra to pay approximately $33M for Navistar Group's stake in both ventures. The agreement allows Navistar to continue sourcing components from India while Mahindra would continue to provide engineering services to Navistar. Navistar group would continue to support M&M through a license agreement and extend necessary support to MNAL and MNEPL for the purposes of business continuity.
News For NAV From The Last 14 Days
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Navistar appoints Bill Kozek as president North America truck business Navistar (NAV) announced it has appointed Bill Kozek as president of the company's North America Truck and Parts business. He succeeds Jack Allen, who was promoted to COO last month. Kozek joins Navistar following a 26-year career at PACCAR (PCAR), where he most recently served as vice president and general manager of its Peterbilt Motors.