People In The News
Following are personnel changes that recently occurred in the trucking industry:
Navistar to Buy GM’s Medium-duty Truck Business
General Motors Corp. and International Truck and Engine Corp., the principal operating subsidiary of Navistar International Corp., have entered into a non-binding memorandum of understanding under which Navistar would purchase certain assets, intellectual property and distribution rights for GM’s medium-duty truck business, the two companies announced.
As proposed, Navistar would acquire GM’s medium-duty truck business, which includes assets and intellectual property rights to manufacture GMC and Chevrolet brand vehicles in the Class 4-8 gross vehicle weight range. It also includes purchase of the related service parts business. Navistar would sell a competitive line of Chevrolet and GMC vehicles and service parts through GM’s proprietary dealer network in the United States and Canada.
Navistar would add the GMC TopKick and Chevrolet Kodiak truck brands to its portfolio of brands, which currently includes International brand trucks and tractors, IC brand buses, Workhorse brand chassis for motorhomes and step vans, and MaxxForce brand engines.
When a deal is definitively concluded, production of the vehicles will move from GM’s plant in Flint, Mich., to a Navistar facility to be named. GM would retain ownership of its Flint plant and continue to build other products at the facility. GM will continue its medium-duty truck relationship with Isuzu to market W-Series trucks through GM’s medium-duty dealer network.
Remy International, Inc. Emerges from Chapter 11
Remy International, Inc. successfully emerged from Chapter 11 protections less than 59 days after filing its pre-packaged plan of reorganization and petitions, which was confirmed by the Court on November 20, 2007.
In conjunction with its emergence from Chapter 11, Remy also announced that the company has access to its exit financing facility of up to $330 million, including a $120 million revolving credit facility and term loans of $210 million.
