Caterpillar Inc. (CAT) and Navistar International Corp. (NAV) will put up $66 million on Nov. 1 for a new truck-making venture and provide as much as $180 million in additional funding over the next three years, according to a regulatory filing on Tuesday.

The two Illinois companies, which have already contributed $18 million to the venture, will own a 50% share of NC2 Global LLC, which will design, manufacturer and sell commercial trucks for international markets. Navistar and Caterpillar also will have the option of sourcing construction dump trucks and other vocational vehicles from NC2 for the companies' own dealers to sell in North America.

The operating agreement for NC2 will run for 25 years. The venture will have eight directors.

Navistar, which will be responsible for appointing the president for NC2, last week named Al Saltiel, vice president of marketing for Navistar since 2004, for that position. Meanwhile, Caterpillar, which will control the selection of the company's chief financial officer, has appointed Bob Iaculla, business resource manager for Caterpillar's infrastructure product development division for that post.

The two officers' terms will run for three years.

The venture will rely heavily on the two companies' engines, manufacturing facilities and dealers. For Caterpillar, the world's largest construction-equipment maker by sales, NC2 provides an international outlet for the company's truck engines after Caterpillar decided to exit the North America highway truck engine market at the end of 2010.

Navistar, whose truck and engine sales are largely limited to North America, is expected to gain greater access to overseas truck markets through NC2, which is likely to rely on Caterpillar's overseas dealer network for distribution.

Caterpillar's stock ended Tuesday up 6% at $51.70 a share, while Navistar closed up 0.48% at $43.73 a share.

-By Bob Tita, Dow Jones Newswires; 312-750-4129; robert.tita@dowjones.com