Summary
Caterpillar Inc. (CAT) has filed an 8-K report announcing the termination of its Joint Venture Operating Agreement with Navistar, Inc., concerning their joint venture, NC2 Global LLC. This termination, effective September 28, 2011, signifies a restructuring of the relationship between the two companies. As a result of this termination, Navistar and its affiliates have acquired Caterpillar's entire 50% ownership stake in NC2. NC2 was established to develop, manufacture, and market heavy and medium-duty trucks outside of North America and the Indian subcontinent. This divestiture marks Caterpillar's exit from this specific truck joint venture.
Key Highlights
- 1Termination of the Joint Venture Operating Agreement between Caterpillar and Navistar, Inc. concerning NC2 Global LLC, effective September 28, 2011.
- 2Navistar and its affiliates have acquired Caterpillar's entire 50% ownership interest in the joint venture, NC2 Global LLC.
- 3The joint venture, NC2 Global LLC, was focused on developing, manufacturing, and selling heavy and medium-duty trucks outside of North America and the Indian subcontinent.
- 4This event represents Caterpillar's exit from the NC2 truck joint venture.
- 5The filing was made on September 29, 2011, reporting an event date of September 28, 2011.