Navistar International Corp May Close Plants To Cut Costs-Reuters

Reuters reported that Navistar International Corp is cutting administrative and engineering spending and may close factories as it works to lower its costs. The Company is cutting its white-collar work force by about 800 people through a combination of voluntary buyouts and layoffs, reducing its engineering spending by 28% and will review whether it needs all 19 of its North American factories, CEO Lewis Campbell said in his first interview since taking the reins at Navistar on August 27.