Flash Facts – June 23

Navistar delays closing Ontario plant

Navistar International announced Thursday it will delay closing its Ontario plant in hopes of receiving financial aid from the Canadian government to keep the facility open. The Ontario plant, the company’s largest heavy-duty truck manufacturing operation, was scheduled to close Wednesday, when Navistar was to shift production to its Mexican facilities. The company decided in May to reconsider the move after talks with union officials.

Superior opens new components warehouse
Superior Industries recently added a Dallas-based components warehouse that will serve as a distribution center for the Southwest region. The site will allow expedited shipping, quick delivery and minimized freight costs of 24-inch to 36-inch belts, CEMA idlers, pulleys and bushings.

Lister-Petter to restructure
Lister-Petter, a United Kingdom-based diesel engine manufacturer, will restructure the company’s finances after delays in final funding arrangements. As part of the efforts, new administrators, although unnamed, have been appointed to stabilize finances and engage in discussions with the company’s banks and creditors. Company operations in the United States, India and France will not be affected by the restructure.

Caterpillar sues Navistar for alleged patent infringement
According to Crain’s Chicago Business, Caterpillar is suing Navistar International and some of its suppliers for patent infringement. Cat claims injectors and fuel systems used in Navistar’s V-8 engines were designed using some of its technology. While Cat manufactured fuel systems for an older version of Navistar’s V-8 engine, it is not the supplier for the current version. In addition to Navistar, the suit also names Siemens Diesel Systems Technology, a joint venture between Navistar and Siemens Automotive Corp.

NationsRent emerges from Chapter 11

NationsRent recently emerged from the Chapter 11 reorganization process as a privately held company. Now controlled by The Baupost Group and Phoenix Rental Partners, all of NationsRent’s equity securities and common stock have been cancelled. As part of the company’s emergence, The Baupost Group has invested $80 million of capital into the company.