Navistar’s stockholders approve acquisition by Volkswagen truck unit

Navistar employees build a truck on the assembly line at Springfield plant in 2017. Bill Lackey/Staff

Navistar employees build a truck on the assembly line at Springfield plant in 2017. Bill Lackey/Staff
News
By Hasan Karim
March 11, 2021
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Stockholders of Navistar approved a proposal by Volkswagen’s truck unit Traton SE during an annual meeting with stockholders this month.

The proposal calls for Traton to acquire all of the outstanding common shares of Navistar at a price of $44.50 per share in cash or $3.7 billion in total.

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Navistar announced the plan merger last year and its representatives said that the merger will accelerate Navistar’s growth, providing it with access to new technologies, products and services while taking advantage of Traton’s global scale.

The transaction remains subject to regulatory approvals and the satisfaction of customary closing conditions. The transaction is expected to be completed this year.

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Navistar employs more than 1,000 people in Clark County and has a manufacturing facility in Springfield, which builds medium-duty trucks as well as cutaway vans for General Motors.

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About the Author

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Hasan Karim, covers all things business in Clark and Champaign counties. Has been a reporter since 2017. His focus is primarily on job creation and covering the largest companies in the area. He also reports on the local healthcare industry as well as local government.