Navistar, Ford reach
new business agreement
Jan 14, 2009 9:53 AM
Ford and Navistar International have reached an agreement to restructure their ongoing business relationship and settle all existing litigation between the companies.
The companies will end their current diesel engine supply agreement effective December 31, 2009, but will continue to collaborate on a range of initiatives, including their existing Blue Diamond Truck and Parts joint ventures.
Navistar will acquire additional equity in the Blue Diamond joint ventures, which will continue to offer F-650 and F-750 medium-duty trucks, along with parts support for a variety of Ford products, including Fordís PowerStroke Diesel-equipped trucks.
"Navistar and Ford benefited from a successful partnership that provided value to both companies for nearly three decades," said Dan Ustian, Navistar chairman, president, and chief executive officer. "However, itís in our best interests to resolve our conflict and continue our relationship with each other in other areas."
"This agreement comprehensively addresses our business relationship with Navistar and will help both companies focus on meeting the needs of our current and future truck customers," added Mark Fields, Fordís president of The Americas.
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