Staff and Wire Reports
A seven-decade business partnership between Illinois-based Navistar International Corp. truck and bus manufacturer and engine maker Cummins Inc. is on firm ground, Navistar’s top executive told analysts Thursday.
Navistar, which reported a third-quarter net loss of $34 million Thursday on revenues of $2.1 billion, is committed to continuing its long-standing business relationship with Columbus-based Cummins, said Troy A. Clarke, Navistar president and CEO. “Cummins is a great partner for us. Their engine in our product is helping us create outstanding vehicles that are getting a lot of traction in our market,” Clark said.
“We work closely with them; they are important to us. We are including their products in all of our new product launches which are taking place over the next 18 months. We expect to collaborate with them and I think we’ll be in business with Cummins,” Clarke said.
The earnings report and assurances from Navistar regarding its partnership with Cummins comes two days after Navistar announced that it has formed a wide-ranging strategic alliance with Volkswagen Truck & Bus, an arm of the German automaker Volkswagen, which is buying a minority stake in Navistar for $256 million. Navistar and Volkswagen said they were entering enter a procurement joint venture that will help source parts for both businesses.
Read more in Friday’s Republic