Navistar Announces Global Commercial Bus Partnership with Investment in Brazilian Bus Builder Neobus

Published on Tuesday, 31 January 2012 16:43 Written by TradersHuddle Staff

Company Takes Stake in Brazilian Bus Body Builder; Will Work Together on Fully Integrated Commercial Buses for South America and North America

LISLE, Ill., Jan. 31, 2012 /PRNewswire/ -- Navistar, Inc. today announced a global commercial bus partnership with Brazilian commercial bus body manufacturer San Marino Onibus e Implementos Ltda (Neobus). With its investment, Navistar will leverage the bus body building expertise of Neobus and Navistar's strengths in powertrain and chassis development.

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"Our investment in Neobus, one of the most respected Brazilian bus body manufacturers, allows us to leverage our experience in building integrated buses for the U.S. and Canada market with the bus body building expertise of Neobus," said John McKinney, president Navistar Global Bus. "Working together, we can bring value to customers with an integrated solution for commercial bus markets in South America and North America."

"This partnership confirms Navistar's commitment to the region and expands its presence in the Brazilian automotive industry," said Waldey Sanchez, president of Navistar, Inc.'s South American Operations Group.

The Parties have recently signed a non-binding agreement and negotiations are at an advanced stage. Finalization and execution of the binding Definitive Agreements are expected in the near future.

About San Marino

San Marino Onibus e Implementos Ltda develops vehicles for passenger transportation under the Neobus brand, exporting to the Americas, Africa and Middle East. Neobus product range includes midi and feeder vehicles, heavy transit and articulated buses, as well as intercity and long-distance coaches. Additional information available at www.neobus.com.br.

About Navistar

Navistar International Corporation (NYSE: NAV) is a holding company whose subsidiaries and affiliates produce International® brand commercial and military trucks, MaxxForce® brand diesel engines, IC Bus™ brand school and commercial buses, Monaco® RV brands of recreational vehicles, and Workhorse® brand chassis for motor homes and step vans. The company also provides truck and diesel engine service parts. Another affiliate offers financing services. Additional information is available at www.Navistar.com/newsroom.

SOURCE Navistar International Corporation