Navistar’s chief executive officer Dan Ustian has told reporters he would be interested in talking to potential purchasers of the company.

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According to the financial website, Monitor Daily, Ustian said: “If you’ve got a lot of money, come over and see us,” during a conference call with investors at the end of last week.


Earlier this year MAN expressed an interest in acquiring a stake, as an extention to its existing co-operation in engine development. MAN is currently trying to acquire Scania.


Navistar is struggling and has not reported financial results since September 2005, prompting the New York Stock Exchange to announce it will delist the company’s shares by today, 20 December. Navistar is contesting the move and is preparing financial statements for 2005 and 2006.


Things are not expected to improve next year thanks to a forecast slump in the truck market following the introduction of new emissions regulations that are putting prices up by thousands of dollars. Many customers brought forward purchases into 2006 to save money ahead of the new legislation.

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Navistar provided an update to its market position on 15 December. It said truck and engine deliveries had increased up to the end of its fiscal year ending 30 October. Worldwide shipments of school buses, Class 6-7 medium trucks and Class 8 heavy trucks totaled 147,400 units, up 14% from the 129,600 units shipped in fiscal 2005. In addition, a total of 11,000 Class 4-5, small bus and stripped chassis for the motor home and step-van markets were shipped. The company did not participate in this market in 2005.


Navistar’s engine subsidiaries shipped a total of 519,700 engines, down slightly from fiscal 2005 volume of 522,600 engines. Shipments of diesel engines to Ford were down by nearly 40,000 units.


Ustian said that the company has received more than 2,000 orders for the new International ProStar Class 8 heavy truck that is scheduled to go into initial production in January.


Concerning the restatement process, Bill Caton, executive vice president and chief financial officer, said: “We are committed to accurate financial statements and we will continue to devote the necessary time and resources to achieve that goal.


“We have made significant progress on completing the restatement of our financial statements while at the same time strengthening accounting processes throughout the company,” added Caton. “The efforts to address our accounting issues and our commitment to accuracy will extend the completion of our 2005 financial statements beyond 1 February 2007, which will then be followed by the completion of our 2006 financial statements,” he said.


The company does not plan to comment on its 2006 results until its financial statements are completed.