Since it was started in a downtown office in 1985, Wabash National has never posted a yearly loss, according to its annual report. One of Tippecanoe County's largest employers, Wabash National implemented a number of cost-cutting maneuvers during the first quarter, including the elimination of 400 jobs in Lafayette and another 100 jobs systemwide. That marked the first layoff at its Lafayette operations since Wabash was formed 16 years ago. At the same time, Wabash National closed a manufacturing plant in Fort Madison, Iowa, for two weeks this month. In addition, it restructured international operations with cuts and changes to reduce its annual costs, beginning in the current quarter.
Investors seem convinced.
The production rate of DuraPlate trailers will be boosted to meet current demand. I'm tickled with the J.B. Hunt order. The company's domestic shipment of 66,283 new trailers last year by Wabash, which claims to be the world's largest manufacturer of truck trailers, represents nearly 25 percent of the entire U.S. trailer industry. We will continue to focus on things we can control in this kind of market. We're maintaining the same build rate with 500 fewer people.