Truck maker Navistar extends plant stoppage due to supply snag [MarketWatch]
Navistar Intl Corp (NAV)
Last navistar intl corp earnings: 3/4 06:25 am
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Source: MarketWatch
Navistar International Corp. said Monday that a halt to its truck assembly plant in Ohio has been extended through early May due to a supply snag. The commercial truck and bus manufacturer also announced temporary cost reduction measures, including postponing some of its planned spending, deferring pension contributions and a portion of salaries of certain employees, and reducing the workweek of its contractors. The company had already announced other deferrals and delays, including a delay in 401(k) company-match contributions until 2021. The measures are expected to save about $300 million in cash through the end of the company's fiscal year in October, Navistar said. As of last week, the company had cash and cash equivalents of more than $1 billion, it said. "We held a strong manufacturing cash position heading into this pandemic, and the actions we are taking allow us to manage cash flow in response to these extraordinary times," Chief FInancial Officer Walter G. Borst said in a s
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