Wabash National Corp. (WNC), Thursday said that it has once again implemented additional cost cutting measures, including 5% job cuts and salary reductions, in order to substantially decrease its corporate overhead and operating costs amid continued macroeconomic and industry related headwinds.
The company said it will cut 25 jobs or 5% of salaried workforce, bringing total salaried headcount reductions to over 25%, or about 170 associates, since the beginning of the industry downturn in early 2007.
For executive officers and the senior management team, base salary will be cut by 10%, while for all remaining exempt-level salaried associates, annualized base salary will be reduced by 10% temporarily, along with a reduction in the standard work week for most from 40 hours to 36 hours. The company has also introduced a voluntary unpaid layoff program with continuation of benefits.
The company expects these actions to be substantially complete and in effect by February 1, 2009. The company estimates to save about $20 million annually from these actions.
Further, the company said it expects to incur a non-cash goodwill impairment charge of up to about $66 million and a charge of about $23 million to income tax expense for the fourth quarter.
The company has already undertaken several steps to mitigate costs and improve production, including idling of plants and assembly lines, salaried workforce reductions, and suspension of quarterly cash dividend.
In addition, the company said today that fourth quarter and full year 2008 new trailer unit shipments will exceed the high end of its estimates of 9,000 and 33,000 units, respectively.
WNC closed Thursday's regular trading session at $3.00, down 17 cents or 5.36%. In the after-hours, the shares gained 2 cents.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.