FULL 5:08 p.m.:
Truck and engine production at Denton-based Peterbilt Motors Co. has come to a halt due to COVID-19, its parent company announced this week.
PACCAR Inc. is not only suspending truck and engine production at its Peterbilt plant, but at all of its factories worldwide, a news release issued late Monday, March 23, said.
The shutdown, which is from Tuesday, March 24, to April 6, was “in response to recent changes in customer demand and a weaker outlook for the global economy, as a consequence of the coronavirus pandemic,” according to the news release.
PACCAR will provide an update on its 2020 outlook and first quarter results during an earnings call scheduled for April 21, the release states. The company is publicly traded on NASDAQ under the symbol PCAR.
“PACCAR’s excellent balance sheet, experienced leadership team and outstanding employees will contribute to the company successfully managing through this difficult period,” said PACCAR CEO Preston Feight in the release.
Manufacturing cash and marketable securities were $4.28 billion at the end of February, according to Monday’s announcement. The company also reported it has access to existing lines of credit of $3 billion.
PACCAR is a global technology leader in the design, manufacture and customer support of premium light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt and DAF nameplates, its website states. PACCAR also designs and manufactures advanced diesel engines, provides financial services, information technology and distributes truck parts related to its principal business.
The Denton Record-Chronicle reported in August 2019 that Peterbilt’s division office and manufacturing plant in Denton employ about 3,000 people.
ORIGINAL 2:43 a.m.:
PACCAR Inc., the parent company of Peterbilt Motors Co. in Denton, announced it's suspending truck and engine production at its factories worldwide beginning today, Tuesday, March 24.
The business update was "in response to recent changes in customer demand and a weaker outlook for the global economy, as a consequence of the coronavirus pandemic," a press release posted Monday evening to Businesswire stated.
The shutdown is scheduled until April 6, according to the release.
"PACCAR’s financial results for the first quarter and the remainder of 2020 will be impacted by lower production schedules due to changes in customer demand and the impact of government regulations or mandates," the release stated
An update on its earnings is scheduled to be delivered during a quarterly earnings call scheduled for April 21, according to the release. The company is publicly traded on NASDAQ under the symbol PCAR.
The Denton Record-Chronicle reported in August 2019 that Peterbilt's division office and manufacturing plant in Denton employ about 3,000.