Navistar Foundries to Become Part of New Subsidiary.Navistar International Corp., Chicago, a producer of International brand trucks, buses and engines, announced that its operating company operating company A business that engages in transactions with outsiders. , International Truck and Engine Corp., is placing its engine group in a newly created, wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. in order to better showcase its growing role in overall operations. John R. Home, Navistar chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said the engine group will continue to serve both its OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customers and the International truck group. Dan Ustian, president of the engine group of International Truck and Engine Corp., will be president of the new subsidiary. Indianapolis Casting Corp., Indianapolis, and Waukesha Manufacturing Facility, Waukesha, Wisconsin, both of which produce engine components, also will become part of International Engine Corp. Ustian said International developed a new line of high-technology, high-performance diesel engines designed to meet stringent emissions regulations and explore new markets, These engines are expected to help International and its customers meet reduced diesel emission standards in advance of the 2004 compliance deadline set by the Environmental Protection Agency Environmental Protection Agency (EPA), independent agency of the U.S. government, with headquarters in Washington, D.C. It was established in 1970 to reduce and control air and water pollution, noise pollution, and radiation and to ensure the safe handling and . |
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