Wabash National to Idle Production, Furlough Employees
Lafayette-based Wabash National Corp. (NYSE: WNC) is joining the list of manufacturers affected by the COVID-19 pandemic. The company says it will implement a two-week idling of production and company-wide furlough beginning next week.
Wabash National says the temporary shutdown will run from April 20 to May 3. The company did not specify how many employees would be affected by the furlough, however, customer support functions will continue to operate during the two weeks.
“We are moving rapidly to adjust to the current environment while prioritizing the safety of our employees and ensuring the liquidity and financial well-being of the company,” said Brent Yeagy, chief executive officer of Wabash National. “We are taking the difficult, but necessary, decisions at all levels of the company to contain cost and preserve the strength of our balance sheet.”
Mike Pettit, chief financial officer for Wabash National, says the company is well-positioned from a liquidity perspective after preparing for an eventual downturn in business over the last two years.