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.
Compass Minerals names Matthew Foulston new CFO Compass Minerals (CMP) announced that Matthew J. Foulston will join the company as CFO effective Dec. 2. Foulston comes to Compass Minerals from Navistar International (NAV) in Chicago where he was the senior vice president of operations and corporate finance. Previously, he was the vice president and chief financial officer at Navistar Truck. He also served as senior vice president and chief financial officer at Mazda North America and held several leadership positions at Ford Motor Company in Germany, the U.K. and the U.S.