Amid third quarter losses, Navistar announces 500 layoffs
LISLE – Lisle-based Navistar International Corp. announced Wednesday it will cut 500 jobs nationwide by the end of October.
The cuts were announced the same day the company reported a third-quarter net loss of $247 million. The company blamed a transition to a new engine strategy and weaker market conditions, according to media reports, which said the company expects to be profitable again by 2014.
Navistar began laying off workers this month and will continue to do so until the end of the fiscal year in October. Workers were reportedly notified of the layoffs in August.
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