Truck Parts and Service | Heavy Duty Trucking, Aftermarket, Service Info
Issue link: http://read.dmtmag.com/i/737160
8 Industry Focus T R U C K P A R T S & S E R V I C E | O c t o b e r 2 0 1 6 Oct. 17-21 VIPAR Heavy Duty Annual Business Conference, Orlando Oct. 20-22 International Truck Parts Association Fall Meeting, Ponte Verda Beach, Fla. Nov. 1-3 AAPEX/SEMA Show, Las Vegas Truck Parts & Service Calendar Event information can be submitted at: www.truckpartsandservice.com/story-ideas/ Pressure Systems Inter- national (PSI) has added Tom Smego as its new sales director for the Midwest and Canada. Matthew J. Boler has been elected Chairman of the Board of The Boler Company, replacing his father, John Boler, who passed away in March. Navistar says James Keyes and Michael Hammes will be retiring from the company's board of directors. Doleco USA has added Tom Haughs as vice president of sales and Bob Abrahamson is the company's new west coast account manager. Rickard Lundberg has been appointed vice president and general manager for Mack's Lehigh Valley Operations. Haldex has appointed Walter Frankiewicz as senior vice president, North American Sales. W. Marvin Rush, founder of Rush Enterprises, the nation's largest truck dealership, has retired from the company's board of directors. Gold Eagle Co. congratulates Matt Banach, director of sales and marketing support and Ashley Strubel, national sales manager, for their inclusion in the SEMA News "35 Under 35" list. The Lincoln Electric Company has promoted Douglas S. Lance to president, Cleveland Op- erations, Edward M. Crouse to vice president, Cleveland Operations, and Dalithia C. Smith to vice president, Human Resources. Smego Frankiewicz People In The News Volkswagen Purchases Stake In Navistar Navistar International has announced a strategic alliance with Volkswagen Truck & Bus, which includes an equity investment in Navistar by Volkswagen. As part of the deal, Volkswagen Truck & Bus gets 16.2 million newly issued shares in Navistar — a 16.6 percent stake in the com- pany — and two seats on the company's board of directors. Navistar gets $256 mil- lion — a valuation of $15.76 per share and a 12 percent markup of the stock's price. In the near term, the alliance will focus on developing common powertrain systems that are set to be delivered to North American customers by 2019. Navistar President and CEO Troy Clarke says the long term goal of the joint-venture is to expand the technology options available to customers, like advanced driver assistance systems, connected vehicle solutions, cabin and chassis components and fuel effi ciency technologies. "The alliance brings together two compa- nies with complimentary market positions," says Andreas Renschler, CEO of Volkswagen Truck & Bus and member of the Board of Management of Volkswagen AG responsible for commercial vehicles. "Together we cover about 75 percent of the global profi t pool." Knorr-Bremse Enters Bidding For Haldex One month after ZF offered $516 mil- lion to purchase Haldex AB — which was three weeks after SAF-Holland made a similar advance — Knorr- Bremse has now upped the ante to $570 million for the Swedish manufacturer. Knorr-Bremse, is offering 110 Kro- nor per share, which is up from the 100 Kronor per share offered by ZF. The acceptance period for the new offer is expected to begin later this month and run until early December, the company told Reuters this week. Bloomberg says like ZF's earlier offer, Knorr-Bremse's bid is conditional upon receiving acceptance from 90 percent of Haldex shareholders. The board of Haldex, which had recommended the ZF offer, says it will evaluate Knorr-Bremse's proposal. Bloomberg says Knorr-Bremse says it has already acquired 8.4 percent of Haldex. ZF also says it had secured 5.7 percent of the Swedish company's shares, after Haldex Chairman Goeran Carlson pledged to sell his holding. Knorr-Bremse is the parent com- pany of Bendix Commercial Vehicle Systems, LLC.