Anhui Jianghuai: Total Invest In NC2 JV To Be Over CNY2 Bln
(chinatrucks.com, Oct. 9, 2009)Chinese truck maker Anhui Jianghuai Automobile Co. (600418.SH) said 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.
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