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International Truck and Engine Corp. will enter into a joint venture with Mahindra & Mahindra in India to produce and market light, medium and heavy commercial vehicles for India and export markets. The joint venture, to be named Mahindra International, will have 51% ownership by Mahindra and 49% ownership by International. The combined investment of the two companies will be more than $80 million over the next two to three years, Navistar said. As part of the joint venture, a development center will be opened at a yet-to-be determined location in India, which is expected to grow to 300 engineers.
Ford Motor Co. said its Hertz Corp., a wholly owned subsidiary, has filed a registration statement with the Securities and Exchange Commission for an initial public offering (IPO) of a portion of the economic interest in Hertz. Following an IPO by Hertz, Ford said it intends to divest its remaining ownership interest in Hertz.
Eaton Corp. said it has signed an agreement to form a joint venture with ZhongShan MingYang Electrical Appliances Co. Ltd. to manufacture and market switchgear components in China. Eaton will have 51% ownership of the joint venture, which will be called Eaton Electrical (ZhongShan) Co. Ltd., and will manufacture medium-voltage switchgear components, including circuit breakers, meters and relays.
Stewart & Stevenson Tactical Vehicle Systems. LP said it has received two military truck contracts valued at approximately $264 million. These contracts call tip the remaining 1310 option vehicles for the third program year of the current Family of Medium Tactical Vehicle (FMTV) production contract which beans on October 1,2005. The FMTV trucks include 2.5-ton, 5-ton and 10-ton units in more than 15 active variants.
"Big box" retailer Lowe's Companies Inc. said it will add John Deere brand products to its outdoor power equipment lineup starting in spring 20(16. Lawn tractors will be the first products available in all Lowe's stores nationwide. Home Depot also carries Deere outdoor power equipment, as does a nationwide network of independent John Deere dealers.
Hudong Heavy Machinery Co. Ltd. (HHMC) has launched a marine diesel engine joint venture in Shanghai with the China State Shipbuilding Corp. and the Mitsui Shipbuilding Co. Ltd. of Japan, according to an announcement by HHMC. The announcement said the venture will be capable of producing one million hp of marine diesel engines by 2007 and three million hp by 2014, when it is totally completed.
Recreational vehicle manufacturer Fleetwood Enterprises Inc., Riverside, Calif., said it is launching a significant reorganization to focus on its core manufacturing business. The company said it will eliminate layers of management, including 11 corporate vice president positions. Fleetwood said it has cut 1200 jobs, or 9% of its workforce. The company also said it is soliciting offers for its manufactured housing, and retail and financial services units.
ComAp of the Czech Republic and Motortech of Germany will combine to form a new company MCE LLC (Motortech ComAp Electronics) to promote and support ComAp products and services in the U.S. and Canada. The new venture follows a period when the two companies have worked together--having recently developed an all-in-one system for gas engines which brings together monitoring, controlling, regulating and protection functions in one solution. Both companies have experience within the gen-set controller market.
Hybrid Fuel Systems Inc., Tampa, Fla., a provider of heavy-duty diesel alternative fuel conversion systems, said it will acquire DRV Energy Inc., Oklahoma City Okla., a manufacturer of bi-fuel and dedicated natural gas and propane turnkey conversion systems.
The SKF Group and the Haldex Group announced they are developing a wheel end system for commercial vehicles, trucks, buses and trailers. The system will be based on SKF's truck hub bearing and sealing technology and Haldex's new generation of fixed caliper dual disc brakes.
Iveco Motors of North America has added five new engine distributors. The five distributors (and their territories) are: Anderson Industrial Engines, Omaha, Neb. (Iowa, Nebraska and North Dakota); Labor& Products Inc., Covington, La. (Louisiana, Mississippi, Alabama, Arkansas, Tennessee and the Gulf Coast counties of Texas); Engine Center, Fern Dale, Mich. (Michigan); Power Tech Inc., Fair Lawn, N.J. (California, Hawaii and Nevada); North Coast Ford Industrial Inc., Cleveland, Ohio (northern, western and southern Ohio).
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