DETAILS: Navistar’s UAW Springfield president steps down for Toledo job
The company is a significant employer locally, with about 1,800 workers in the facility. Thousands of the company’s retirees also live in the area.
The company has invested approximately $70 million in new equipment in Springfield over the past several years to revamp the interior of the facility and streamline its manufacturing processes, company officials recently told the News-Sun. Navistar is also expected to launch a new medium-duty Silverado truck later this year that is being built by workers in Springfield. The firm is continuing to hire workers for that project.
READ MORE: GM unveils new Silverado to be built in Springfield
Last month, Navistar reported net income of $170 million for the third quarter this year, compared to $37 million during the same period in 2017. The Illinois-based company also raised its revenue projections for the year to between $10.1 billion and $10.4 billion. Earlier projections were from $9.75 billion to $10.25 billion.
The News-Sun reported earlier this year the industry is seeing near-record demand for heavy trucks, boosting revenue both for manufacturers like Navistar and their suppliers. Rising freight rates mean trucking firms are likely seeing solid profits, boosting confidence and encouraging fleets to replace their aging trucks.
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