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TRUCKMAKERS NEWS * Germany - Daimler investors favour truck unit sale-paper
Frankfurt,Germany -Reuters, by Nicola Lesk e& Paul Bolding -Sep 15, 2008: -- Some institutional investors in German carmaker Daimler favour a sale of the company's truck business but would prefer the company wait to make such a move, German daily Handelsblatt reported... "In the medium-term we see a sale of the truck unit as a positive as the truck business is very cyclical and there are only limited synergies available between the units," DWS fund manager Stefan Bauknecht told the paper in a preview of a story to be published on Tuesday... Bauknecht added, however, that the time was not right for Daimler to pursue a spin-off or outright sale... "A listing would not be successful," Bauknecht said, in view of low valuations and a cyclical downturn that is expected to last until 2009. "Apart from that I don't believe it would produce a tough bidding war"... Thomas Koerfgen, managing director of SEB Asset Management, told the paper a spin-off would bring out the value of the company's individual units more clearly, but also said the market environment was not right for a sale... A Daimler spokesman told the paper: "A spin-off of the truck group is not a topic for us"... Daimler's truck unit generated almost a quarter of the group's total operating profit of 8.7 billion euros last year... (Photo: Aerial view Daimler's headquarters in Stuttgart,Germany)* USA - Calif. board fines Navistar
CAL,USA -eTrucker -16 Sept 2008: -- In two separate cases, the California Air Resources Board has fined Illinois-based Navistar Inc. more than $281,000 for clean-air violations. CARB says Navistar violated California's clean vehicle laws by failing to implement required emissions controls and to properly label and document installed emissions controls... The first case involved certification of Navistar's onboard diagnostic system for 2005-07 Ford E-series diesel medium-duty vans... According to CARB, a staff audit found that Navistar failed to fully disclose, document and implement onboard diagnostic system requirements for the coolant temperature sensor... Per the terms of the settlement of this case, Navistar Inc. will pay a total of $250,000... In the second case, Navistar failed to provide purchasers of retrofit emissions devices with proper labeling as required by state law. Per the terms of this settlement, Navistar will pay a total of $31,500...
Labels: truckmakers' news worldwide
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