Pegaso is reaped
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AMERICA'S International Harvester, the parent company of Seddon Atkinson and one-third owner of DAF, is to invest in yet another European lorry manufacturer. This time its target is Pegaso — Empresa Nacional Autocamiones — Spain's largest commercial vehicle builder. Spain joins the EEC in 1983, and the partners hope to increase European, North African and South American sales.
According to reports, IH has agreed in principle to buy a 35 per cent stake in the Spanish company which is 67 per cent controlled by the State holding company, the Instituts National de Industria.
Part of the deal will also involve the setting up of a new medium/heavy diesel engine plant in Madrid by 1983 which will be owned jointly by IH and Pegaso/INI in the ratio of 65 to 35 per cent.
Empresa Nacional Autocamiones builds 15,000 Pegasos each year, and made a loss in 1978 of around £20m.