Wabash to Reorganize, Exit Export Market

Trailer maker Wabash National (WNC) announced late Thursday several restructuring actions, primarily the exit from manufacturing products for export outside the North American market, international financing activities and the consolidation of certain domestic operations.

These domestic operations include one of the company's hardwood flooring facilities and certain under-performing retail and distribution locations. Wabash will take a fourth quarter 2000 pre-tax charge of approximately $47 million to cover asset write-downs, severance and other exit costs.

A debt reduction of $100 million, about 30% compared to the end of 1999, is helping the bottom line, the company said.

In addition, Wabash said it expects results for the fourth quarter to break-even before the one-time charges. The Lafayette, Ind.-based company has set an earnings conference call for 10 a.m. Friday.