Chatham plant deal helps Navistar’s profits
CHICAGO, (Dec. 2, 2003) — Navistar International, parent company of the third-largest heavy-truck maker International Truck and Engine, announced a quarterly profit based on its decision to keep its Chatham assembly plant, as well as increased truck orders.
Navistar said net income in the fiscal fourth quarter was $77 million, compared with a net loss of $460 million a year earlier.
The quarter’s results included a gain of $22 million for the company’s reversal of an earlier charge after the company decided not to close its Chatham, Ont. heavy-duty truck plant. The benefit was partially offset by a charge for early retirement programs negotiated in agreements with the United Auto Workers union.
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