Navistar International Corp. and Caterpillar Inc. said Thursday they created a new joint-venture company to be called NC2 Global LLC that will serve the global commercial truck market.
The two first announced plans to form a joint venture in June 2008 and have put leadership in place for the new entity, 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,” said Al Saltiel, NC2 Global’s president. “We now have a dedicated and experienced leadership team that will hit the ground running.”
Saltiel, vice president of marketing for Navistar since 2004, was responsible for the company’s brands, products and pricing strategy. Prior to joining Navistar, he held key senior marketing positions at Sony Electronics, Jaguar, and Ford’s Premier Automotive Group.
Caterpillar said last year it will pull out of the North American Class 8 truck engine market by 2010, except for partnerships with Navistar.
Bloomberg reported last month that the two firms were in discussions for a venture to make trucks and engines in China.
