Volkswagen's commercial vehicle subsidiary Traton has signed a merger agreement with US truck manufacturer Navistar. The truck manufacturers have been working together since 2017.
Navistar LT Truck
Traton
Since 2017, Traton and Navistar have been joined by their strategic alliance. Volkswagen's commercial vehicle subsidiary Traton is now taking over all outstanding common shares in Navistar that it does not already own. This acquisition will allow the global company to serve the markets in Europe and North and South America. "The acquisition of Navistar will significantly leverage Traton's positioning in North America, one of the biggest and most profitable markets for heavy trucks", says Gunnar Kilian, member of Volkswagen AG's Board of Management and responsible for the Truck & Bus division.
The companies aim to close the transaction in mid-2021. They then hope to further increase their presence and reach in key markets and create more synergies. "Together, we will have an enhanced ability to meet the demands of new regulations and rapidly developing technologies in connectivity, propulsion and autonomous driving for our customers around the world", says Matthias Gründler, CEO of Traton.