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PACCAR extends factory closures until April 20

PACCAR announced extending the suspension of truck and engine production at its factories worldwide until April 20, 2020. 

The company says that it will review future actions on a regular basis.

PACCAR will continue to provide aftermarket support to its customers who deliver medical supplies, food, and essential infrastructure services to our communities.

The companyʼs parts distribution center in Zsámbék (25 km west of Budapest) will remain open.

PACCAR’s financial results for 2020 will be impacted by lower production schedules due to changes in customer demand and the impact of government regulations or mandates, a press release sent to the Budapest Business Journal says.

"PACCAR’s excellent balance sheet, experienced leadership team and outstanding employees will contribute to the company successfully managing through this difficult period," notes CEO Preston Feight. 

The company has investment-grade credit ratings of A+/A1. Its manufacturing cash and marketable securities were USD 4.3 billion at the end of March 2020. The business also has access to existing lines of credit of USD 3 bln.