Cat, Navistar Settle Lawsuits
Caterpillar Inc. has announced settlement of all the various lawsuits with Navistar International Corp., the parent company of International Truck and Engine Corp. As a result of the settlement. Caterpillar and Navistar signed a series of licensing and long-term supply agreements. The legal disputes between go back years, concerning a variety of patent and pricing issues, especially about fuel systems.
The settlement has resulted in long-term supply agreements for Caterpillar on- highway truck engines, fuel injectors and remanufacturing services. As part of the agreement, Caterpillar Remanufacturing will act as International's lead global remanufacturing service provider. Under this new relationship, the parties will examine and explore opportunities to enhance the overall value of International's remanufactured products and services.
As part of the litigation settlement, Caterpillar will receive an up-front cash payment, believed to be $65 million, and a three-year promissory note from Navistar.Edit Module