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December 14, 2007 |
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NAVISTAR INT'L: Military Unit Bags US$151.9-Million Contract Navistar International Corporation's military affiliate, International Military and Government LLC, has been awarded a contract for US$151.9 million from U.S. Marine Corp. to provide parts and support for MaxxPro(TM) Mine Resistant Ambush Protected Vehicles. This supplements previous parts and components contract awards, now totaling nearly US$300 million. The U.S. Marine Corps has ordered 2,971 MaxxPro MRAP vehicles to date to be delivered by April 2008. Overall, these vehicle, parts and support contracts total more than US$1.8 billion. "With our vehicles now in theater, Navistar's global network provides the U.S. armed forces with the essential support they need to keep the MaxxPro MRAP mission ready," said Archie Massicotte, president of International Military and Government, LLC. Navistar's commercial scale brings the military unique advantages in engineering, manufacturing and parts and service support. The company has nearly 1,000 dealership locations worldwide, including facilities in 75 countries outside North America, including Iraq and Afghanistan. "We are bringing the total package to the military - vehicles, parts and field support," said Tom Feifar, general manager, Global Defense and Export, Navistar Parts. "Our goal is to keep these vehicles up and running so the troops can focus on their mission. It's an honor to be a part of the effort to support our troops." Last year, Navistar built more than 160,000 trucks and school buses and 560,000 diesel engines. "We already have delivered more than 700 MaxxPro MRAP vehicles and 60,000 parts pieces and components since receiving our first contract at the end of May of this year. We are on our way to building 500 vehicles per month by February," concluded Massicotte. Based in Warrenville, Illinois, Navistar International Corp. (NYSE:NAV) -- http://www.nav-international.com/ -- is the parent company of Navistar Financial Corp. and International Truck and Engine Corp. The company produces International brand commercial trucks, mid-range diesel engines and IC brand school buses, Workhorse brand chassis for motor homes and step vans, and is a private label designer and manufacturer of diesel engines for the pickup truck, van and SUV market. The company also provides truck and diesel engine parts and service sold under the International brand. A wholly owned subsidiary offers financing services. The company has operations in Brazil, Iceland and India. * * * As reported in the Troubled Company Reporter on Oct. 29, 2007, Standard & Poor's Ratings Services said that its 'BB-' corporate credit ratings on North American truck and diesel engine producer Navistar International Corp. and subsidiary Navistar Financial Corp. remain on CreditWatch with negative implications, where they were placed on Jan. 17, 2006. |
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