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NAV: Navistar's Shares Higher After Layoff Announcement

Navistar (NAV) - Get Report said it plans to layoff up to 500 production employees at its Springfield, Ohio, plant because of declining truck sales.

The manufacturer of trucks, diesel engines and service parts blamed rising interest rates and diesel fuel prices as well as a slow used-truck market for the sales decline.

Last month, the company announced it would cut 1,100 salaried and contract jobs. Recently, the shares were up $1.25, or 3.5%, to $36.69.

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