General Motors, Navistar
break off purchase plans
Aug 21, 2008 9:36 AM
General Motors and Navistar International have broken off their deal in which GM was to sell its medium-duty truck business to Navistar.
"Due to significant marketplace and economic changes, GM and Navistar have decided not to renew the memorandum of understanding to purchase GM’s medium-duty truck business, which has expired," said GM officials. "GM will continue to run the medium-duty business as it has in the past, including providing sales, service, and marketing support to GM dealers for its medium-duty trucks.
"GM will continue to review strategic options for the business, including continued discussions with Navistar."
In summer 2007, GM sold its Allison Transmission operation to an investor group.
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