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TRUCKMAKERS' NEWS * WORLDWIDE
* USA - Navistar Drops Bid for GM’s Medium-Duty Truck Business
Warrenville,ILL,USA -Transport Topics -20 Aug 2008: -- Navistar International Corp. said Wednesday it will not go through with its planned purchase of General Motors Corp.’s medium-duty truck business, citing “significant marketplace and economic changes”... The two let expire a memorandum of understanding, first signed in December, for Navistar to buy the business, Navistar said in a statement... “GM will continue to review strategic options for the business, including continued discussions with Navistar,” the statement said...* Germany - Daimler denies trucks spinoff being mulled
Frankfurt,Germany -Germany's Manager Magazin/Reuters -Aug 21, 2008: -- Daimler AG denied a magazine report on Thursday that it was considering more job cuts and may spin off its market-leading trucks business as a way to help boost its weak share price... "There is no new job cuts program," a spokesman said in response to a report by Germany's Manager Magazin, which did not identify its sources for the article... The magazine said deeper job cuts -- primarily at group headquarters -- were part of a cost-saving drive that management is discussing to help counter a market slump that forced the maker of Mercedes-Benz cars to slash its 2008 earnings outlook last month... * Germany - Daimler Says It Won't Sell Shares in Truck Division, Cut Jobs
Stuttgart,Germany -Bloomberg, by Chris Reiter -Aug. 21, 2008: -- Daimler AG, the world's largest truckmaker, said it doesn't plan to list shares in its commercial-vehicle unit or cut jobs, denying a Manager Magazin report the moves are being considered to finance a new strategy... "We are not planning'' an initial public offering for the truck and bus division, Brigitte Bertram, a spokeswoman for Stuttgart, Germany-based Daimler, said today in an interview. "We also have no plans for a new job-cut program"... The company, also the world's second-largest maker of luxury cars, is considering a listing for part of the truck division and may eliminate jobs in a reorganization to help fund new environmental technology, Manager Magazin reported today, without saying where it got the information. The plans will be presented to the supervisory board in late September, the magazine said.
Labels: truckmakers' news USA
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