29 January 2001

Navistar International Corporation announced that it has finalized arrangements to become the sole owner of Maxion International Motores, a South American engine company.

Maxion produces a full line of diesel engines ranging from 95 to 275 horsepower for use by original equipment manufacturers in Brazil and Argentina and exports a 7.3-liter diesel to Mexico and Australia. Customers include Ford Motor Company, General Motors Corporation, Mercedes Benz and Land Rover in the automotive markets and AGCO in the industrial market. Maxion has manufacturing facilities in Canoas, Rio Grande do Sul (Brazil) and Cordoba (Argentina).

Navistar acquired its initial 50% interest from Iochpe-Maxion S.A. in March of 1999. After the purchase, a joint venture company, Maxion International Motores S.A. was formed. Since Navistar’s initial purchase, Maxion International Motores S.A. has broadened its product lineup with the addition of the International 7.3 liter diesel technology and placed stronger emphasis on product development, quality and delivery performance to help its customers grow.

Source: Navistar