Wabash National Corp. said it's cutting 500 manufacturing and administrative jobs, about 8% of its workforce, as customers carry fewer shipments and reduce spending. The Indiana-based company had about 6,000 employees before the cuts, president and CEO Jerry Ehrlich said.
"Wabash National has had a long history of being a steady employer in many communities,” Ehrlich said. “However, under the current economic environment, we feel this action is necessary as part of our continuing efforts to operate the business effectively and profitably."
Ehrlich said the slowing U.S. economy has reduced demand for freight shipments, causing companies to order fewer trailers.
The company expects to report a first quarter loss that will be substantially below the range of analyst expectations. The cost reductions from the restructuring activities and job eliminations are expected to positively impact second-quarter results.