10/3/2011 11:00:00 AM
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The trucking joint-venture between Navistar Inc. and Caterpillar Inc. will become a Navistar subsidiary, the two companies said.
The companies in June 2008 announced plans to form an alliance for a Navistar-Caterpillar on-highway truck business, called NC(2) Global LLC.
Under the agreement, â€œboth International- and Caterpillar-branded trucks will continue to be distributed through both International and Caterpillar dealers outside of the United States,â€� the two said in a statement.
Navistar makes International brand trucks, and also produces diesel engines for heavy-duty and medium-duty trucks.
Caterpillar, which made diesel truck engines for 40 years, pulled out of that market in 2008 in North America except for its Navistar partnership.
Caterpillar earlier this year entered the on-highway vocational truck market by introducing the first in a line of Caterpillar-branded severe-service trucks â€” the CT660, the first on-highway truck it has marketed.
In addition to the CT660, the two signed said they have signed a non-binding agreement to develop a new, cabover-engine Cat vocational truck that would be sold globally. The companies will finalize the terms of this new business in the coming months.
â€œThis new relationship streamlines the organization and will help us move faster and more efficiently,â€� said Phil Christman, president of NC(2).
â€œCustomers and dealers in the global markets where NC(2) has established distribution will build on their early successes with no interruption and with the added benefit of getting products sooner,â€� he said in a statement.
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