Wabash National suspends quarterly cash dividend payments

By Lisa Kerner

Charlotte, N.C., Dec. 15 - Wabash National Corp. said its board of directors suspended the payment of quarterly cash dividends on the company's common stock, effective immediately, in a move that will save Wabash $5.5 million annually.

Economic uncertainty was to blame.

"We are confident that Wabash will emerge in a stronger position when the economy improves but, in the current downturn, the board believes that focusing the company's full resources toward the operational needs of the business is the most prudent course of action," president and chief executive officer Richard J. Giromini said in a company news release.

Wabash, a Lafayette, Ind., semi trailer manufacturer, said that as of Nov. 30, liquidity, cash and available borrowings under its revolving credit facility amounted to about $100 million.

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