First Trade Date for PACCAR Inc
| Company Name | First Trade Date (yyyy-mm-dd) |
| PACCAR Inc | 1971-02-05 |
| Company Name | Symbol |
| PACCAR Inc | PCAR |
| History and Business of Company (this information may include date of incorporation) | |
|
One of the world's largest truck manufacturers, PACCAR Inc. (PCAR) supplies light-, medium and heavy duty trucks built for over-the-road and off-highway hauling. PCAR's heavy-duty diesel trucks are produced under the Kenworth, Peterbilt, DAF and Foden nameplates. With the 1996 acquisition of Netherlands-based DAF Trucks for $550 million, PACCAR ranks as one of the world's largest truck producers. PACCAR's trucks and related parts are sold to independent dealers for resale. Including production in Europe under the DAF and Foden brands and other foreign production, and sales of class 6 and 7 trucks, PACCAR sold 102,000 trucks in 2000. Production of medium duty class 6 and 7 trucks is a small part of PACCAR's business, but is becoming an increasing portion of sales since the DAF acquisition. U.K. based Leyland, acquired in 1998, produces light commercial vehicles sold throughout Europe. PACCAR's standard practice is to focus on design and assembly of trucks, leaving production of major components to outside suppliers. This serves the company well when typically volatile demand for heavy trucks tails off during a cyclical downturn. DAF deviates slightly from the company's practice in that it manufactures its own engines and axles, and a greater portion of other parts. Commercial vehicles are produced at plants in five states, and several locations in Europe, Australia, Canada and Mexico. Production of trucks and related aftermarket parts distribution businesses is PACCAR's largest business, accounting for 93% of year 2000 sales. Financial services provides important support to the truck business by facilitating wholesale sales to dealers, financing of retail sales and leasing of trucks and trailers to shippers. PCAR also produces industrial winches sold under the Braden, Carco and Gearmatic brand names. The economic downturn in the second half of 2000, higher fuel prices, insurance premiums and increased fleet operating costs significantly reduced demand for heavy-duty trucks in the U.S. and Canada, along with the large number of used trucks and lower new truck orders. In response, the company lowered its North American production rates, particularly in the second half of 2000. These same factors also affected the company's U.S. financing unit. INCORPORATED in Delaware Nov. 19, 1971, and Feb. 1, 1972, merged parent, Pacific Car and Foundry Co., incorporated in Wash. in 1924, as successor to Pacific Car & Foundry Company, incorporated in 1905. OFFICE- PACCAR Building, 777 106th Ave. N.E., P.O. Box 98004, Bellevue, WA 98004 (Tel.: 425-468-7400). Fax - 425-468- 8228. WEBSITE-http://www.paccar.com. | |
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