Detroit Diesel Division
Written by Bill Bowman
In 1965, GM Diesel became Detroit Diesel Engine Division and five years later, General Motors consolidated the company with the closely allied transmission and gas turbine businesses of the Allison Division in Indianapolis to form the Detroit Diesel Allison Division.
On January 1, 1988, Detroit Diesel, a joint venture company between Penske Corporation and General Motors, began operations as the successor to the heavy duty diesel engine business of the Detroit Diesel Allison Division. It was just one year earlier that the company had introduced the Series 60 engine, a new, four cycle, heavy-duty diesel engine and the first production engine with integrated electronic controls as a standard feature. Developed to meet the demand for cleaner and more fuel efficient heavy duty engines, the DDC Series 60 grew in popularity to become the most popular, heavy duty diesel engine in the North American Class 8 Truck market.
By October 1993, the company completed a successful initial public offering of common stock to become a publicly traded company.
In October, 2000, DaimlerChrysler AG completed a "Tender Offer" for all of the outstanding shares, including the 48.6% ownership interest of Penske Corporation.