Private Equity Firm Acquires Majority Stake in Navistar Defense

US truck and armoured vehicle manufacturer Navistar is to sell a 70% stake in its defence business, the company announced on 3 December.<br />Cerberus Capital Management, a private equity firm, has agreed to buy the majority share in Navistar Defense, which produces light military vehicles including the MaxxPro mine-resistant ambush-protected (MRAP)...

US truck and armoured vehicle manufacturer Navistar is to sell a 70% stake in its defence business, the company announced on 3 December.

Cerberus Capital Management, a private equity firm, has agreed to buy the majority share in Navistar Defense, which produces light military vehicles including the MaxxPro mine-resistant ambush-protected (MRAP) vehicle.

Chief operating officer of Navistar Persio Lisboa said, "Today's announcement is a strategic milestone for Navistar Defense as it provides the business with a well-established, long-term partner that is focused on making crucial growth investments in the business."

Source: www.janes.com