Navistar International Corp. on Oct. 25 said it was in advanced discussions with General Motors Corp. to buy the Detroit automaker’s medium truck unit and predicted an agreement was likely soon.
Daniel C. Ustian — chairman, president and chief executive officer of Warrenville, Ill.-based Navistar — said during a conference call with reporters that talks with GM could result in a memorandum of understanding between the two companies within “a short period of time.”
The deal would include the rights to manufacture GMC and Chevrolet brand trucks, the company said. Ustian described the GM truck business as low volume, amounting to 40,000 to 50,000 trucks a year.
