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TRUCKMAKERS NEWS * USA
* USA - Volvo challenges $72M penalty over emissions agreement
Gothenburg,Sweden-Bloomberg News/The Detroit News, by Tom Schoenberg -August 3, 2012: -- Volvo AB will appeal a $72 million penalty imposed on its truck-engine unit after a federal judge found the company violated a 1999 emissions-control agreement with the U.S. Environmental Protection Agency... Volvo Powertrain Corp. seeks reversal of an April 13 ruling that it breached a consent decree on emissions standards for heavy-duty diesel engines, according to a notice of appeal filed today in the U.S. Court of Appeals in Washington. U.S. District Judge, Royce Lamberth, ruled that 8,354 engines weren't compliant... Volvo and six other manufacturers of heavy diesel engines agreed to spend $1 billion to settle charges that they had "illegally poured millions of tons of pollution into the air," according to a Justice Department press release... At the time it was announced, the settlement, approved by a federal judge in 1999, was the largest environmental enforcement penalty, according to the statement...
* Illinois - Navistar to meet with lenders Aug. 6 on $1B loan
Lisle,ILL,USA -Bloomberg News/The Detroit News, by Krista Giovacco -August 2, 2012: -- Navistar International Inc., the maker of International brand trucks, will meet with lenders on Aug. 6 in New York to discuss a $1 billion loan to repay debt and support corporate purposes, according to a person with knowledge of the transaction... JPMorgan Chase and Co. and Goldman Sachs Group Inc. are arranging the transaction, which includes a $750 million term piece and $250 million delayed-draw portion, the company said in a regulatory filing today... The five-year debt, which won't have financial-maintenance requirements, will pay interest at 6.5 percentage points to 7 percentage points more than the London interbank offered rate, said the person, who asked not to be identified because the terms are private. The lending benchmark will have a 1.5 percent minimum... Navistar, may sell the debt at 98 cents on the dollar, the person said, reducing proceeds for the borrower and boosting the yield for investors...
* USA - Navistar to Add Cummins Engines, Aftertreatment
Peoria,ILL,USA -Transport Topics -2 Aug 2012: -- Navistar International Corp. said Thursday it will begin offering 15-liter Cummins engines in some of its International brand trucks and will incorporate Cummins’ urea-based aftertreatment into its MaxxForce engines... Navistar plans to introduce the Cummins ISX15 engine to its North American on-highway truck lineup starting in January, with the International ProStar, PayStar 5900 and 9900 Series targeted as the initial models to offer the engine... The truck and engine maker said the use of Cummins’ selective catalytic reduction, or SCR, system in its existing MaxxForce engines will accelerate delivery of Navistar’s previously announced next-generation engine technology, dubbed In-Cylinder Technology Plus... Auto industry expert David Cole said this kind of cooperation between competitors is not unusual in the industry...
Labels: truckmakers news USA
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