International Truck plans engine plant in India

2007-01-18 08:56

International Truck and Engine Corporation (ITEC) of the US plans to set up an engine plant in India. The plant would manufacture engines for commercial vehicles in the range of 100-250 HP (horsepower) for domestic and export markets. It is, however, not clear where would the plant be set up.

It may also become the global hub for outsourcing of these engines in markets such as Latin America, West Asia and Asia Pacific, Mr John P. Lamoureux, Vice-President, truck strategy and business operations, ITEC, said. The engine range has been selected based on the current engine range present in the domestic market as well as the specific export markets, he told Business Line. ITEC is considered the world leader in diesel engines in the 160-325 HP range, with production of over 4,00,000 engines per year.

http://www.moneycontrol.com/india/news/business/internationaltruckenginecorporationengineplant/internationaltruckplansengineplantindia/market/stocks/article/262243



And this from January 3, 2007

300 Laid Off At International In Springfield

SPRINGFIELD, Ohio -- As of Wednesday, 300 workers at International Truck and Engine in Springfield are out of work. The layoffs that were announced last month have become official.

The company gave workers a 30-day notice of the pending layoffs.

On Wednesday, the 300 workers met at their union hall to find out what is next for them in terms of things such as health insurance. NewsCenter 7 was told that layoffs are affecting workers in most departments at the plant.

Plant leaders said the need for the layoffs goes back to supply and demand. They said there has been a big drop in demand for medium-duty commercial trucks.

That demand drop-off has to do with stricter environmental emissions standards that went into effect on Jan. 1. Officials said the new rules have driven up the cost of the trucks.

http://www.whiotv.com/news/10661518/detail.html

:mad:

Yeah these two events are COMPLETLY unrelated:eyes:

if business is so friggin bad, why has there stock had steady growth over the past 6 months?

http://ir.navistar.com/stockquote.cfm

Another company that wishes to exploit low wage employees in foreign countries to reduce their bottom line and increase profits.