Navistar sells Pure Power Technologies unit

[kscarbel2]

Heavy Duty Trucking / February 4, 2016

Navistar has sold its Pure Power Technologies (PPT) subsidiary to an investment group, allowing PPT to become an independent company.

Pure Power Technologies (http://www.purepowertechnologies.com/) is a supplier of diesel fuel-injection systems, machining products and systems for medium- and heavy-duty trucks.

The investment group’s principals include the Smithfield Group and Kensington Capital Partners.

PPT will continue to be Navistar's primary supplier of diesel fuel-injection systems as part of a 10-year supply agreement.

"Pure Power Technologies' independence provides us with a tremendous opportunity for product diversity and growth," said Jerry Sweetland, president and CEO, Pure Power Technologies. "We are now well positioned to bring our world-class diesel technologies, precision manufacturing and testing capabilities to new market segments and customers that complement our core business with related products and solutions."

Navistar originally acquired Pure Power Technologies when it purchased the engine components business of Continental Diesel Systems in 2009. It then launched Pure Power Technologies as a separate, dedicated R&D operating company to support Navistar’s diesel power system components.

“We view this agreement as a win-win for Navistar and Pure Power Technologies and its hard-working, dedicated workforce,” said Scott Mackie, Navistar vice president, business development. “Our supply agreement with Pure Power Technologies will help us continue to deliver high levels of quality and uptime to customers, while providing PPT the opportunity to grow and expand as a standalone, independent company.”

[grayhair]

Wow, bought it 6 years ago and now dumped it. Probably lost their ass on that deal. Lots of jargon in the press release but no mention of what was probably a fire sale price.