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Navistar to Acquire GM's Medium Duty Truck Business

December 20, 2007

General Motors and Navistar International Corporation have entered into a tentative agreement under which Navistar would purchase certain assets, intellectual property and distribution rights for GM’s medium-duty truck business, the two companies recently announced.As proposed, Navistar would acquire GM’s medium-duty truck business, which includes rights to manufacture GMC and Chevrolet brand vehicles in the class 4-8 gross vehicle weight range. It also includes purchase of the related service parts business. The agreement is another step in GM’s plan to focus on designing, manufacturing and selling cars and light trucks globally, the company said in a statement. The deal would leverage Navistar’s strengths in commercial trucks and engines, and advance its strategy to build scale and reduce costs. When a deal is definitively concluded, production of the vehicles would move from GM’s plant in Flint, Mich., to a Navistar facility to be named. GM would retain ownership of its Flint plant and continue to build other products at the facility.
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