Paccar, the Seattle-based maker of Kenworth, Peterbilt and DAF trucks, has cut its dividend for the first time in half a century, underlining the depth of the downturn in the global truck industry.
Mark Pigott, chairman and chief executive of the family controlled company, said that "we recognise the importance of the dividend to our shareholders and the significance of this decision". But he described the halving in the quarterly pay-out, from 18 cents to nine cents a share, as "a prudent business measure in response to the global challenges affecting all industries".
