Navistar and Caterpillar announce joint venture
Navistar International Corporation and Caterpillar Inc.
closed a joint venture transaction resulting in a new
company, 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 that will establish its headquarters
in the Chicago area.
Bob Iacullo has been named chief financial officer for
NC2. Formerly business resource manager for Caterpillar’s
Infrastructure Product Development Division, Iacullo
also held several executive positions in finance at Motorola.
Navistar and Caterpillar also have named key business
unit directors for product development, sales and marketing,
dealer operations, production, supply chain, and parts
Navistar and Caterpillar each have named three people
to NC2’s board of directors.
Caterpillar group president Doug Oberhelman will serve
as chairman of the board and Navistar truck group president
Dee Kapur has been named lead director from Navistar.
The 50/50 joint venture will develop, manufacture and
distribute commercial trucks with an initial focus on
markets in Australia, Brazil, China, Russia, South Africa
and Turkey. NC2’s product line will feature conventional
and cabover truck designs and will be sold under both
the CAT and International (Navistar) brands.
Separately, Navistar and Caterpillar 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 Garland,
Texas facility, will be sold and serviced through the
CAT North American Dealer network. Caterpillar vocational
trucks are scheduled for full production in mid 2011.