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NAV > SEC Filings for NAV > Form 8-K on 31-Oct-2012All Recent SEC Filings




Costs Associated with Exit or Disposal Activities, Regulation FD Disc


On October 30 2012, Navistar International Corporation (the "Company") announced its plan to cease operations and close its Garland, Texas, truck manufacturing operations (the "Garland Facility") in the first half of 2013. The plan is part of the Company's effort to reduce costs and optimize its manufacturing footprint. Beginning in January 2013, the Company will transition truck volumes being produced at the Garland Facility to other North America operations that produce similar models.

As a result of the planned closure of the Garland Facility, the Company expects to incur pre-tax charges of $40 million to $60 million, which consist of charges of: (i) $10 million to $15 million for employee separation benefits, (ii) $20 million to $30 million for accelerated depreciation of certain assets, and
(iii) $10 million to $15 million of other-related charges. The Company expects to incur less than $10 million of these charges in the fourth quarter of fiscal 2012 with the remaining charges expected to be incurred in fiscal 2013. The Company anticipates these pre-tax charges will result in future cash expenditures of $20 million to $30 million.


In accordance with General Instruction B.2. to Form 8-K, the following information shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

On October 30 2012, the Company issued a press release announcing its planned closure of its Garland Facility. The press release is attached hereto as Exhibit 99.1 and is incorporated in this Item 7.01 by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.       Description

99.1              Press Release of Navistar International Corporation, dated
                  October 30, 2012.

Forward Looking Statements

Information provided and statements contained in this report that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements only speak as of the date of this report and the company assumes no obligation to update the information included in this report. Such forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy. These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," or similar expressions. These statements are not guarantees of performance or results and they involve risks, uncertainties, and assumptions. For a further description of these factors, see the risk factors set forth in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the fiscal year ended October 31, 2011, quarterly reports for fiscal 2012 , and the prospectus supplement filed on October 25, 2012. Although we believe that these forward-looking statements are based on reasonable assumptions, there are many factors that could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. All future written and oral forward-looking statements by us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. Except for our ongoing obligations to disclose material information as required by the federal securities laws, we do not have any obligations or intention to release publicly any revisions to any forward-looking statements to reflect events or circumstances in the future or to reflect the occurrence of unanticipated events.

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