Share Repurchase Update
During the first quarter of 2012, PACCAR repurchased approximately 400,000 of its common shares for $15.6 million. PACCAR had 356.7 million outstanding common shares as of March 31, 2012. “Over the past nine months, PACCAR has bought 9.56 million shares for a total investment of $353.2 million,” said Ron Armstrong, PACCAR president. “PACCAR’s excellent net profits and strong cash flow make the company’s shares an attractive investment.” PACCAR has earned a profit for 73 consecutive years and has paid a dividend every year since 1941.
South American Expansion
PACCAR held a groundbreaking ceremony for its new DAF assembly plant in Ponta Grossa, Brasil, on January 9, 2012. The ceremony, led by Mark Pigott, PACCAR chairman and chief executive officer, and the State of Paraná Governor Beto Richa, was attended by state and local officials, supplier partners, key transport companies and other business and educational leaders. "Brasil is a major truck market with industry sales above six tonnes of 165,000 units in 2011. The DAF product range offers premium quality, low operating costs, excellent driveability and maneuverability, and the industry-leading PACCAR MX engine," said Bob Christensen, PACCAR executive vice president. "The production of DAF trucks in Brasil in mid-2013 is an exciting development which is expected to deliver additional sales in South America," added Christensen.For over 40 years, PACCAR's Kenworth vehicles have earned a significant market share in many South American countries in the Andean region. "The successful introduction of DAF vehicles into Chile, Ecuador and Peru in 2011 helped PACCAR achieve a record level of vehicle sales in the region," said Sam Means, PACCAR vice president. “Truck deliveries of 2,700 units in the Andean region of South America more than doubled in the first quarter of this year, compared to the first quarter of 2011.”