Navistar posts $185M jump in its costs; faces delisting
Dec 15, 2006 | 06:46 PM
| Philip Burgert
Truck and engine manufacturer Navistar International Corp., Warrenville, Ill., said its steel and precious metal costs had increased $185 million in the first 10 months of this year, while warning that the company will be delisted by the New York Stock Exchange after missing deadlines for financial reporting.
Navistar executives also said in a conference call with analysts that they anticipate a sharp drop-off in the truck and engine markets in 2007 and they are aiming to continue a focus on global sourcing that has moved $540 million of sourcing offshore this year with a goal of gaining 70 percent of their cuts from material costs.....
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