Navistar, Caterpillar to Pursue Truck Venture with Chinese Firm

Navistar International Corp. and Caterpillar Inc. said Tuesday that their joint venture to sell commercial trucks globally will pursue an agreement with a Chinese firm to sell trucks there.

NC2 Global LLC, the venture the companies announced earlier this month has signed a “framework agreement to potentially establish a joint venture” with Anhui Jianghuai Automobile Co., a truck and automobile manufacturer in China, Navistar and Caterpillar said in a statement.

The proposed 50/50 venture would take advantage of AJAC’s existing business relationships and manufacturing facilities in China, Navistar and Caterpillar said.

Under the framework agreement, the companies expect to come to a definitive agreement on the joint venture by the middle of 2010.