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NAV - Navistar to divest Melrose Park Illinois facility
Navistar International Corporation
Navistar International (NAV) announces plans to sell its Melrose Park, Illinois facility to a developer, who plans to redevelop the parcel into a state-of-the-art industrial business park.Navistar estimates that half of the facility's current workforce will be transferred to other facilities; and expects to cease operations at the Melrose Park campus by November 2021.Navistar will take an ~$85M charge as a result of the exit from the facility, including ~$40M of cash-related charges.Divesture expected to be completed by the end of 2021.