Leyland Trucks respects your privacy. We use cookies for a variety of purposes, such as website functionality, improving your experience of our website, building integration with social media and helping target marketing activities within and beyond our website. By continuing your visit on our website, you are consenting to our use of cookies. However, if you want to customize your cookie preferences, click on 'Change settings' below. You can withdraw your consent at any time. For more information, please visit our Cookie Notice.
PACCAR Extends Factory Closures to April 20, 2020
PACCAR Inc is providing a business update in response to recent changes in customer demand and a weaker outlook for the global economy, as a consequence of the coronavirus pandemic.
The Company will extend the suspension of truck and engine production at its factories worldwide until April 20, 2020. The company will review future actions on a regular basis. PACCAR will continue to provide aftermarket support to its customers who deliver medical supplies, food and essential infrastructure services to our communities.
PACCAR’s financial results for 2020 will be impacted by lower production schedules due to changes in customer demand and the impact of government regulations or mandates. The Company will provide a business update and first quarter results during the earnings call scheduled for April 21, 2020.
The Company is in a strong financial position, with excellent liquidity and investment-grade credit ratings of A+/A1. Manufacturing cash and marketable securities were $4.3 billion at the end of March 2020. The Company also has access to existing lines of credit of $3.0 billion.
“PACCAR’s excellent balance sheet, experienced leadership team and outstanding employees will contribute to the company successfully managing through this difficult period,” said CEO Preston Feight.