Anhui Jianghuai: Total Invest In NC2 JV To Be Over CNY2 Billion
September 28 2009 - 8:53PM
Dow Jones News
Chinese truck maker Anhui Jianghuai Automobile Co. (600418.SH)
said Tuesday it signed a framework agreement with NC2 Global LLC, a
truck maker set up by Caterpillar Inc. (CAT) and Navistar
International Corp. (NAV), to form a 50-50 joint venture.
The joint venture will have a total investment of at least CNY2
billion and registered capital of not less than CNY800 million, the
company said in a statement.
NC2 Global said Monday talks were under way with Anhui Jianghuai
to build and sell commercial trucks in China.
The Chinese truck maker said Tuesday it will put almost all its
medium- and heavy-truck assets and businesses into the joint
venture, including its research and development facilities,
manufacturing bases, and sales network. Illinois-based NC2 Global
will put up cash, Anhui Jianghuai said in the statement.
Anhui Jianghuai and NC2 will each appoint four directors to the
new company's board, the Chinese firm said.
-By Patricia Jiayi Ho, Dow Jones Newswires; (8610) 6588 5848;
patricia.ho@dowjones.com