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IH closer to ENASA
Page 7
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INTERNATIONAL Harvester last week moved a step closer to sealing its partnership with ENASA, the Spanish builder of Pegaso lorries.
A joint venture between IH, ENASA, and Spanish Government agency INI was agreed in principle and signed last week by IH chairman Archie McArdle and INI president Jose Miguel de la Rica. The deal has still to be ratified by the Spanish council of ministers and the three organisations' boards of directors.
IH will gain a 35 per cent share in ENASA, as well as a 65 per cent share in a new enginebuilding company which will manufacture up to 80,000 IH 400Series diesel engines a year. INI will hold the remaining 35 per cent share.
The new company will export most of its engines, including DT466 units, for which demand at present exceeds supply. It will probably build those required for Seddon Atkinson's 300Series which, at present, gets its engines from the United States. There also are plans to improve and modify ENASA's 12litre engine to meet future worldwide standards.
IH says it is committed to introducing its own management to ENASA to increase the company's share of world lorry markets, and it seems likely that IH will also gain a foothold in South America through its latest purchase.