Navistar to Restate Financials; Plans New Engine Venture

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avistar International Corp., which has not issued earnings statements since September, said Friday that an internal audit found no evidence of fraud and said it plans to file an annual report for this fiscal year by January 2007.

Navistar, the parent of truck and engine maker International Truck & Engine Corp., said in April it would restate earnings from 2002 through 2005 and replaced its outside auditor. (Click here for previous coverage.)

Separately, International is planning a joint engine venture with German firm MAN AG, officials said this week.

International spokesman Roy Wiley said the companies have not decided where to build the 11- and 13-liter engines, but expect to begin building them by next year.

He said the two would decide how many engines they would build together based on orders received.