Navistar Plans $250 Million Plant And 600 New Jobs In Texas
Navistar International Corp. (NYSE: NAV) plans to invest more than $250 million in a new manufacturing plant near San Antonio, Texas, adding approximately 600 new jobs, if it gets incentives it is seeking.
The Lisle, Illinois-based truckmaker also said Thursday, Sept. 19, that it plans to increase its earnings before interest, taxes, depreciation and amortization (EBITDA) margin to 12% by 2024 from the current 8%.
"Over the last five years, Navistar has made significant investments to improve our position in the market," said Troy Clarke, Navistar chairman, president and chief executive officer.
The new facility would be a benchmark for quality and costs while adding capacity for anticipated industry growth and market share gains, he said.
Navistar has been rebuilding its share in recent years after a decision to use a faulty emissions control technology cost the company billions in claims and about half its customer base. The company is targeting 25% market share by 2025, up from the current 17%.
The new manufacturing plant will join existing Navistar facilities in Springfield, Ohio, and Escobedo, Mexico. It will be able to flex to build Class 6-8 trucks.
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