Navistar International Transportation Corp. Retiree Health Benefit and Life Insurance Plan, Chicago, sold all of its company stock for $527.35 million. The 19.9 million shares of Navistar common stock, representing all of the shares the plan held, were priced at $26.50 a share and were sold earlier this month.
Navistar purchased 2 million shares in connection with the offering and its pension plans bought 3 million shares. It is not yet known how the proceeds will be invested by the health benefit and life insurance plan.
In conjunction with the sale, William Craig, a supplemental program committee member and a member of the Navistar International Corp. board of directors, and John Grigsby, a member of the board of directors, have both stepped down. The resignations are part of the terms of a 5-year-old agreement between the UAW and Navistar.