Volkswagen ups offer to acquire Navistar

Trucking news and briefs for Thursday, Sept. 10, 2020: 

Volkswagen continues pursuit of Navistar acquisition with larger offer
Volkswagen’s commercial truck arm, Traton, on Thursday bumped its offer to acquire Navistar to $43 per share.

Volkswagen, which already holds 16.8% in the maker of International Trucks, in January offered $35 a share to acquire the rest of the company. Barely a month later, coronavirus put talks on hold and the economic fallout from COVID-19 battered both companies’ stock prices.

The two companies in 2016 partnered in a procurement joint venture and strategic technology and supply collaboration, beefing up both companies’ ability to scale globally. Dialogue between Navistar and Volkswagen – which also operates the MAN and Scania business units in Europe and abroad – began in 2015 on opportunities to synergize and strengthen each company, culminating in Volkswagen’s investment.

Earlier this week, Navistar International Corp. announced a third quarter 2020 net loss of $37 million, compared with third quarter 2019 net income of $156 million – mostly driven by the impact of COVID-19, as well as prior year comparable quarter results that were near the peak of the prior industry cycle.

Comment period opens on FMCSA’s proposed under-21 pilot program
The Federal Motor Carrier Safety Administration is now accepting comments on a proposal for a pilot program that would allow non-military CDL holders between the ages of 18 and 20 to operate commercial vehicles across state lines.

Comments can be made here through Nov. 9.

The agency’s proposed program would allow drivers to participate if they fall within two categories: (1) 18- to 20-year-old CDL holders who operate commercial vehicles in interstate commerce while taking part in a 120-hour probationary period and a subsequent 280-hour probationary period under an apprenticeship program established by an employer, or (2) 19- and 20-year-old commercial drivers who have operated commercial vehicles in intrastate commerce for a minimum of one year and 25,000 miles.

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The drivers in the study group would not be allowed to operate special configuration vehicles or vehicles hauling passengers or hazardous materials.

RoadPro hosting virtual concert next week
RoadPro Family of Brands isn’t able to visit local travel centers as they have in years past to thank drivers and hand out prizes, so this year RoadPro is taking its National Truck Driver Appreciation Week events virtual.

On Wednesday, Sept. 16, RoadPro will release a virtual concert on its Facebook page, with a line up of musicians that also happen to be truck drivers. Featured artists include former Overdrive-Red Eye Radio Trucker Talent Search finalists Ken Freeman, Mandi Jo Pinheiro, Taylor Barker and Paul Marhoefer, along with Bill Weaver.

A special message from each musician will also be featured during the concert. All week long, special messages from other drivers, and what makes them feel appreciated, will be posted. There will also be a special appreciation video specific to the truck drivers that keep America moving every day.

Truckers can also participate in the Brake Time Blitz, an opportunity to join the truck driver community on Brake Time and be entered to win a one of a kind prize pack. Entry into the giveaway begins Monday, Sept. 14, and runs through Saturday, Sept. 19. All current Brake Time members will also receive a surprise gift in the mail to further spread the appreciation.

RoadPro’s own Pro Driver Council members will also be distributing hats and special PPE kits throughout the month. In addition, RoadPro will support national events with product donations and giveaways conducted by trucking companies such as Swift Transportation, Knight Transportation, Iron Maintenance, Trinity Logistics and Combined Transport.

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