Navistar, Volkswagen Truck and Bus close alliance deal
LISLE, IL - Navistar International has finalized its strategic alliance with Volkswagen Truck and Bus, which gives the German manufacturer a 16.6% stake in the business. "This alliance with Volkswagen Truck and 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," says Troy Clarke, Navistar's chairman, president and Chief Executive Officer. Now that the deal has closed, the company will be working quickly to collaborate with its new partner, he said. The companies' alliance will involve sharing technology, and is expected to bring a Volkswagen powertrain to North America as early as 2019. Navistar expects business synergies to save US $500 million over the first five years.