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Navistar International Corporation (NYSE: NAV) has acquired a new property in San Antonio, Texas, for over $275 million, aimed at supporting its under-construction manufacturing plant. The investment is expected to create 650 jobs, pending local incentives. The 900,000-square-foot facility will produce Class 6-8 vehicles, including electric trucks, and will house a validation center for electric vehicle components. This expansion aligns with Navistar's growth strategy, enhancing its technological capabilities and supporting initiatives in self-driving and electrification.
Navistar International Corporation (NYSE: NAV) is enhancing its TECH EmPOWERment initiative to support technical schools with equipment donations and career resources for aspiring technicians. A new website offers job application guidance, industry insights, and testimonials. During fiscal 2020, nine institutions received donations, while ten more were supported in early 2021. This initiative aligns with Navistar's 4.0 business strategy, focusing on skilled technician recruitment to ensure customer uptime across its extensive dealer network.
Navistar, in collaboration with General Motors and OneH2, announced a complete solution for a zero-emission long-haul truck system, initially piloted by J.B. Hunt. The hydrogen fuel cell electric vehicle (FCEV) will feature a range of over 500 miles and refueling in under 15 minutes. Test vehicles are set to start piloting by the end of 2022, with commercial availability in 2024. Navistar is also taking a minority stake in OneH2, which will help develop the hydrogen refueling infrastructure for the new trucks.
OneH2 has successfully closed a significant investment round, welcoming new strategic investors including Buckeye Partners, Trafigura, Sumitomo Corporation of Americas, Navistar International Corporation, and the Papé Group. The investment aims to expand OneH2's hydrogen production and distribution network, addressing the transportation market's demand for competitively priced hydrogen. With the growth capital, OneH2 plans to deploy turnkey hydrogen infrastructure solutions, enhancing refueling options at logistics centers and retail locations. This initiative supports the increasing adoption of hydrogen fuel in commercial transportation.
Navistar International Corporation (NYSE: NAV) will sell its Melrose Park, Illinois facility to a developer for redevelopment into an industrial business park. Approximately half of the workforce will be relocated, with operations ceasing by November 2021. The sale arises from reduced engine manufacturing and a shift towards alternative fuel technologies. Navistar will incur an $85 million charge due to the exit, including $40 million in cash-related expenses. The sale is expected to be finalized by the end of 2021, potentially boosting local job creation and property tax revenue.
Navistar International reported a fourth quarter 2020 net loss of $236 million ($2.36 per diluted share), compared to a profit of $102 million in Q4 2019. The fiscal year 2020 net loss was $347 million ($3.48 per diluted share), down from a profit of $221 million in 2019. Revenues dropped to $2.1 billion in Q4 2020 from $2.8 billion a year earlier, driven by COVID-19 impacts. Adjusted net income fell to $61 million from $114 million in Q4 2019. The planned merger with TRATON SE aims to bolster growth and innovation.
Navistar International Corporation (NYSE: NAV) will report its fiscal 2020 fourth quarter and full year financial results on December 17, 2020. Due to a pending merger proposal with TRATON SE, the company will not hold a conference call to discuss these results. Instead, it will file a standard press release and provide supplementary materials on its Investor Relations website. Navistar is known for producing International® brand commercial trucks, proprietary diesel engines, and IC Bus® brand vehicles.
Navistar International Corporation (NYSE: NAV) has launched Intelligent Fleet Care, a suite of connected vehicle solutions for new on-highway vehicles ordered after December 15, 2020. This initiative aims to enhance uptime and reduce costs through advanced diagnostics, fleet health monitoring, and preventive maintenance. Key features include Fuel Analytics, Tire Pressure Management, and Over the Air Programming, promising savings of over $12,000 per vehicle over five years. The offering is standard for new LT, RH, and LoneStar models and supports all-makes fleets.
International Truck has unveiled the new HX Series, marking a significant advancement in its product line under the Navistar 4.0 strategy. The HX Series, built for severe service, features a redesigned cab and advanced performance metrics, including a 10-year perforation warranty and options for Cummins X15 engines. Available models include HX520 and HX620, with deliveries starting early next year. The series emphasizes driver safety and comfort through enhanced HVAC systems and intelligent design, aligning with the company's focus on customer-centric solutions.
Navistar International Corporation's Board of Directors responded to a letter from TRATON SE regarding a potential acquisition. The Board expressed readiness to finalize a transaction at a price of $44.50 per share in cash, with support from its two largest shareholders. The letter seeks confirmation from TRATON on this offer as a basis for definitive agreements. JP Morgan and PJT Partners are Navistar's financial advisors, and the company is being legally counseled by Sullivan & Cromwell LLP.
