Following a $3.7 billion takeover of US company Navistar International Corp, Volkswagen’s Traton SE truck is looking to expand throughout Asia to achieve a greater global presence, reported Bloomberg.
On Wednesday, Traton announced plans to fill gaps in the company’s Chinese market. Traton CEO Matthias Gruendler said that the company hopes to meet China’s demand for increasing efficiency and safety.
Volkswagen holds a 16.7% stake in Navistar, making it Navistar’s second biggest shareholder. Traton is set to pay $44.50 per share with Volkswagen providing a $3.9 billion loan to fund the transaction.