Navistar International Corp. has reached an agreement with Caterpillar Inc. on a new ongoing business relationship that includes new licensing and supply agreements.
According to a press release, as part of the agreement both companies will dismiss all pending litigation, some of which dates back to 2001.
A major component involves new supply partnerships between the two companies that include on-highway truck engines, fuel injectors, remanufactured components and other products.
“This agreement sets in place the framework for further expansion of our long relationship with Caterpillar,” said Daniel C. Ustian, chairman, president and CEO for Navistar, which acquired RV chassis supplier Workhorse Custom Chassis LLC last year. “I am extremely pleased that we have been able to reach agreement on issues that were a distraction to both companies, and can concentrate on working together to continue to build a productive and prosperous relationship.”
“Navistar is a very important customer to Caterpillar, and I’m pleased we’re able to settle our differences and move forward in a positive way,” said Jim Owens, Caterpillar chairman and CEO. “This agreement provides a solid foundation for a continued long-term business relationship that benefits us both.”
Part of the agreement calls for Caterpillar Remanufacturing to act as International’s lead global remanufacturing service provider.