Rather than talk about the proposed TRATON buyout of the company — the elephant in the room — Navistar executives unpacked reasons behind the disappointing first fiscal quarter they had predicted.
Engine maker Cummins already was predicting a difficult 2020 before the outbreak of the coronavirus in Wuhan, China, where Cummins’ manufacturing operations are shuttered.
Big investors like Carl Icahn will have a say in whether Volkswagen’s truck group buys the 83% of Navistar it does not already own, but CEO Troy Clarke’s expected age-related departure this year seems more than a coincidence in TRATON’s $2.9 billion bid.
TRATON makes long-expected move to take over Navistar despite claiming disinterest. Navistar says it will take a look at the offer.
Truck maker TRATON Group S reported higher revenue and profit for the first nine months of the year, but warned of a tougher 2020 with an accelerating slump in orders and global economic uncertainty.
