Navistar International Corp. and Caterpillar Inc. said they formally had executed their joint venture, NC2 Global LLC, to serve the global commercial truck market. Navistar and Caterpillar first announced plans to form a joint venture in June 2008 and have identified the leadership team of the new entity that will establish its headquarters in the Chicago area.
“Together, Navistar and Caterpillar have moved this project from concept to reality in little more than one year,” says Al Saltiel, president of NC2. “We now have a dedicated and experienced leadership team that will hit the ground running.” Saltiel had been Navistar’s vice president of marketing since 2004.
As previously announced, the 50/50 joint venture will develop, manufacture and distribute commercial trucks overseas under both brands. The companies will continue to work on design and development of a new proprietary purpose-built heavy-duty CAT vocational truck for the North American market. The trucks, manufactured in Navistar’s facility in Garland, Texas, will be sold and serviced through the CAT North American dealer network. Caterpillar vocational trucks are scheduled for full production in mid-2011.
Separately, Navistar and Caterpillar, which is exiting the on-highway engine market, are working together on Navistar’s upcoming 15-liter MaxxForce 15, which will feature a Caterpillar block and Navistar electronics.