Navistar International to close Dallas area plant, idling 900
BY Staff and Wire Reports
Thursday, November 01, 2012
11/01/12 at 2:18 AM
Navistar International Corp. announced Wednesday it plans to close its International Truck & Engine plant in Garland, Texas, next year.
Lisle, Ill.-based Navistar said production at the plant near Dallas, which employs 900 people, will be shifted to other North American factories building similar models starting in January.
The shutdown will reduce operating costs by $25 million to $35 million annually, the company said in a statement.
Navistar's four largest investors hold about 50 percent of the shares, including a 14.95 percent stake held by activist investor Carl Icahn. Navistar averted a proxy fight this month with Icahn by agreeing to accept three new directors.
Shares of Navistar rose 24 cents to finish at $18.75; they have tumbled about 50 percent this year.
Navistar unit IC Bus manufactures school buses in northeast Tulsa.
