Ford Motor Co. and Navistar International Corp. have reached an agreement to restructure their ongoing business relationship and settle all existing litigation between them.
Ford and Navistar will end their current diesel engine supply agreement effective Dec. 31, but will continue to collaborate on a number of initiatives, the OEMs say. This will include the existing Blue Diamond Truck and Parts joint ventures, in which Navistar will acquire additional equity.
“Navistar and Ford benefitted from a successful partnership that provided value to both companies for nearly three decades,” says Dan Ustian, Navistar chairman, president & CEO. “However, it's in our best interests to resolve our conflict and continue our relationship with each other in other areas.
“We are pleased to have reached an agreement with Navistar that we believe is in the best interest of both companies,” says Mark Fields, Ford president of The Americas.
