Navistar Restates Earnings, Reveals GM Talks
WARRENVILLE, IL – Navistar International Corp., parent of International Truck and Engine, released restated results for fiscal years 2003, 2004, and 2005.
WARRENVILLE, IL – Navistar International Corp., parent of International Truck and Engine, released restated results for fiscal years 2003, 2004, and 2005. The Warrenville, Ill.-based company is also in talks with General Motors Corp. to acquire its medium-duty truck business.
Under this proposal, Navistar would sell a competitive line of Chevrolet and GMC medium trucks and service parts through GM’s proprietary dealer network. The trucks are sold under the brands Chevy Kodiak, GM Topkick, and Isuzu T-Series.
The charges for the restatement periods will total nearly $2 billion, including $874 million for income-tax adjustments, Navistar reported in a Securities and Exchange Commission filing. The analysis of the company’s accounting practices already has taken two years and isn’t expected to be completed until sometime in 2008.
The company reported it is strengthening its financial controls and reaffirmed a revenue target of $15 billion in 2009.
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