About the Company
PACCAR is America’s largest medium and heavy-duty truck manufacturer that was first established in 1905 by William Pigott. The company is engaged in the design, customer support and production of trucks under the nameplates Peterbilt, Leyland trucks, Kenworth, and DAF. The company also innovates and produces, powertrains, distributes truck parts, provides financial services and information technology. Kenworth Truck Company, a nameplate under PACCAR, manufactures trucks in the United States, Canada, Mexico, Netherlands and Australia. The company owns around 9 offices across 5 countries across the world. The company delivers to consumers worldwide through an extensive network of dealers present in around 2200 locations.
The company entered the heavy-duty truck market in 1945, after which their first major acquisition was Kenworth Motor Truck Company, based in Seattle. In 1958, it expanded its heavy-duty truck capability by purchasing Peterbilt Motor Company. In the same year, the company acquired Dart Truck Company; this permitted its entry into the mining vehicles market. The company’s subsidiary Kenworth in 1960 expanded in Mexico 49% participation in Kenworth Mexicana S.A. de C.V. In 1966, the company established a plant in Melbourne expanding Kenworth truck’s market in Australia. The PACCAR Financial Corporation was launched in 1960 to facilitate domestic sales of trucks. The company’s subsidiary Dynacraft, in 1968, would provide hoses, adapters, belts, and other accessories for Peterbilt and Kenworth truck plants. Kenworth also purchased 28 acres of land, east of Melbourne to build an office complex and factory in 1969. PACCAR became a European truck manufacturer in 1981 and acquired Foden Trucks in England. Trico industries were acquired by PACCAR Inc. in 1986. This new subsidiary was known for manufacturing oil field pumps and accessories. Trico was sold to EVI in Houston in December 1997. The acquisition of Leyland Trucks in1998 and DAF Trucks in 1996 was what led the company to become a major truck manufacturer globally.
PACCAR was awarded the National Medal of Technology at the White House in 2003. This was for their leadership in the development of lightweight commercial vehicles and aerodynamics, leading to reduced fuel consumption and increasing efficiency. Forbes ranked the company at 89 in their list of World’s Most Innovative Companies 2012. The company also received 118b in the Fortune 500 list of companies. It was added to the S&P 500 list in December 1980.
PACCAR Inc. shares are traded on NASDAQ under the ticker symbol “PCAR.”;
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