International Business Article
Ford Motor Co. said its Hertz Corp., a wholly owned subsidiary,
has filed a registration statement with the Securities and Exchange
Commission for an initial public offering (IPO) of a portion of
the economic interest in Hertz. Following an IPO by Hertz, Ford
said it intends to divest its remaining ownership interest in
Hertz.Eaton Corp. said it has signed an agreement to form a joint
venture with ZhongShan MingYang Electrical Appliances Co. Ltd.
to manufacture and market switchgear components in China. Eaton
will have 51% ownership of the joint venture, which will be called
Eaton Electrical (ZhongShan) Co. Ltd., and will manufacture medium-voltage
switchgear components, including circuit breakers, meters and
|International & Mahindra in JV
International & Mahindra in JV … Ford to sell Hertz … Eaton in China JV … S&S to build more military trucks … Lowe's adds Deere.
International Truck and Engine Corp. will enter into a joint venture with Mahindra & Mahindra in India to produce and market light, medium and heavy commercial vehicles for India and export markets. The joint venture, to be named Mahindra International, will have 51% ownership by Mahindra and 49% ownership by International. The combined investment of the two companies will be more than $80 million over the next two to three years, Navistar said. As part of the joint venture, a development center will be opened
at a yet-to-be determined location in India, which is expected to grow to 300 engineers.