Navistar, the maker of International brand trucks and engines, reportedly plans to cut about 10 percent of its workforce and slash the number of suppliers it uses.

According to The Financial Times, International plans to start by cutting about 1,400 jobs at its Springfield, Ohio, and Indianapolis plants during the fourth quarter.
Last week Navistar reported losses for the third quarter and first nine months of the year, and warned of a fourth quarter loss. But chief executive John Horne emphasized that even if the demand for new trucks doesn’t increase in 2003, Navistar expects to be profitable for the full year 2003 as it works to reduce fixed costs and improve operating efficiencies.
In addition to cutting jobs, Horne told the Times
"While these are challenging times, I am more excited about the future potential of our business than at any time since I became chairman," Horne said last week in announcing the company’s financial results. "We now have the products and processes to be a great company but we need to continue our focus to take costs out of our operations so that we have a flexible cost structure and which will make us a stronger, much more profitable company at any part of the cycle."
0 Comments