Heavy-duty truck maker Paccar Inc. said today it has made a $543 million offer to acquire DAF Trucks of the Netherlands.
DAF’s board of management and its supervisory board have recommended approval, Paccar said. If accepted by shareholders, the deal is expected to close by the end of the year.
Under the deal, DAF would continue to operate as an independent subsidiary, keeping its current management, employees and production facilities.
Bellevue-based Paccar is a leading manufacturer of heavy-duty on- and off-road trucks under the Kenworth, Peterbilt and Foden nameplates.
DAF, with 5,000 employees, produces medium and heavy-duty trucks. It has factories in the Netherlands and Belgium.
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