Volkswagen’s truck division is acquiring a nearly 17 percent stake in Navistar International Corp. as the German automaker seeks to gain a foothold in the North American heavy-duty truck market.
The companies will share technology, research, and procurement to help them prepare for increasingly stringent greenhouse gas emissions standards both in the U.S. and globally.
Navistar, the Lisle, Illinois maker of the International brand of big rigs, said that Volkswagen was investing $256 million. At $15.76 for each of 16.2 million newly issued shares, the price represents a 12% premium above Navistar’s Friday closing price.
