Navistar Inernational to Cut 500 Jobs

According to the Chicago Tribune, following disappointing third-quarter results, Navistar International plans to cut 500 jobs globally by the end of October.

Navistar lost $247 million in its third quarter ended July 31. It posted an $84 million profit year-ago. The truck maker blames a slower-than-expected recovery in its business and a loss of market share for the poor performance. Navistar says it will take until 2014 to return to profitability.

Category: General Update