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Manufacturers Ask * USA - How far will we fall?
Manufacturers are feeling a bit like bungee jumpers these days, with both likely asking themselves, "How much farther do I have to fall?"...
Chicago,ILL,USA -Reuters, by Scott Malone -Feb 23, 2009: -- Chief executives of several top U.S. companies told the Reuters Manufacturing and Transportation Summit on Monday that while they are cutting costs and focusing on generating cash, the challenge is to know how deep to cut as they face the sharpest economic downturn in decades... "This is something that the industry hasn't seen before," said Dan Ustian, CEO of Navistar International Corp., a maker of heavy trucks and diesel engines. "The length of this being down has not been seen in my career, and I've been around over 30 years". CEOs' worries also extend beyond this downturn to what the economy will look like when it eventually recovers... Even the trucking industry -- which was braced for a downturn since 2007 -- has been caught off guard by the severity and duration of this recession... "A recovery in the second half of the year is possible, but it's more likely in 2010," said Bill Zollars, CEO of No. 1 U.S. trucking company YRC Worldwide Inc. "Until then we're going to have a rocky road"...
* Trucking firm imposes pay freeze
Milwaukee,WIS,USA -The Journal Sentinel, by Rick Romell -Feb. 23, 2009: -- Schneider National Inc. saw revenue rise in 2008 but, now facing a nationwide recession and a soft freight market, the firm said Monday it will freeze pay across the board this year and defer funding of retirement plans and 401(k) matches until the end of 2009... Based in Green Bay, Schneider is one of the country's largest trucking firms, and also operates a logistics unit and a growing intermodal business. The company employs 21,400 people... The fortunes of the trucking industry as a whole rise and fall with the U.S. economy. But as tough times weed out the least competitive carriers - trucking company failures idled a record number of trucks in the first three quarters of 2008 - shippers may turn to larger, well-established firms such as Schneider...
Labels: truckmakers USA and Canada
posted by Unknown @ 12:05 PM
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