Navistar International Corp., based in Warrenville, Ill., and Caterpillar Inc., based in Peoria, Ill., have announced a joint venture transaction resulting in a new company, NC2 Global LLC, to serve the global commercial trucking market. The two companies first announced the plans to form a joint venture in June 2008 and have put the leadership in place for NC2 which will be headquartered 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 has served as vice president of marketing for Navistar since 2004.
Several other executive positions were announced. Bob Iacullo has been named chief financial officer for NC2. Previously he served as business resource manager for Caterpillar’s Infrastructure Product Development Division. According to a company press release, Navistar and Caterpillar have also named key business unit directors for product development, sales and marketing, dealer operations, production, supply chain and parts and service.
Additionally, both Caterpillar and Navistar have each named three individuals to the new company’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 formation of this joint venture represents a long-term strategic decision,” Oberhelman says. “Despite the current challenges facing the global economy, both Caterpillar and Navistar are dedicating the right people and investing significant resources to ensure NC2’s long-term success in the global on-highway truck market.”
As announced, the 50/50 joint venture will develop, manufacture, and distribute commercial trucks with an initial focus on markets including Australia, Brazil, China, Russia, South Africa, and Turkey. NC2’s product line will feature both conventional and cabover truck designs and will be sold under both the CAT and International (Navistar) brands.