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Paccar's profits drop
Page 15
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AMERICAN TRUCK-making giant Paccar has revealed that turnover and profits fell in 2007, although the firm still made the second highest profit in its 102-year history.
The company's record turnover of $15bn (£7.6bn) in 2006 fell to $14bn (£7.1bn) last year, with operating profits clown from S .5bn (£758m) to $1.2bn (£610m).
Paccar, whose balance sheet was described as "stellar" by chief executive Mark Pigott, owns Daf, Kenworth, Peterbilt and Leyland Trucks. As the Pacific Car and Foundry Company it originally made railway wagons and logging equipmentin the Second World War it produced Sherman tanks for the US army.
In 2007 the company delivered a record 60,300 Daf CVs. It also opened a sales office in Shanghai and began building a 37,000m2 factory in Columbus, Mississippi.
Pigott says: "Major investments in diese' engines, hybrid vehicles,facilities and productior efficiencies set the stage for further growth."