Navistar International Corp. (NYSE:NAV) (1.2%) (NAV – $34.45 – NYSE) based in Lisle, Illinois, manufactures Class 4-8 trucks, buses, and defense vehicles, as well as diesel engines and parts for the commercial trucking industry. NFC, a wholly-owned subsidiary, provides financing of products sold by the company’s truck segment. Navistar has continued to see its operations and market share improve following a September 2016 $256 million (16.6% stake) investment by Volkswagen. More recently, Volkswagen provided more information on its intention to separate its Truck & Bus division, which owns the VW brand as well as MAN and Scania in Europe. This separation we believe, increases the likelihood that VW Truck & Bus will seek to buy Navistar outright in the future.
From Mario Gabelli (Trades, Portfolio)'s second-quarter 2019 Value 25 Fund commentary.
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