Paccar

PACCAR Inc is an American Fortune 500 company[5] and counts among the largest manufacturers of medium- and heavy-duty trucks in the world.[6][7] PACCAR is engaged in the design, manufacture and customer support of light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt, Leyland Trucks, and DAF nameplates. PACCAR also designs and manufactures powertrains, provides financial services and information technology, and distributes truck parts related to its principal business.[8]

PACCAR Inc
TypePublic
NASDAQ: PCAR
NASDAQ-100 Component
S&P 500 Component
IndustryAutomotive
Founded1905 (1905)[1] in Seattle, Washington
FounderWilliam Pigott 
HeadquartersPACCAR Building, Bellevue, Washington, United States
Area served
Worldwide (Except Iran, Cuba, Syria, Sudan, and North Korea)
Key people
Mark Pigott (Executive Chairman)[2]
Preston Feight (CEO)[3]
Products
Production output
 198,800 units (2019)[4]
ServicesVehicle financing & leasing
Revenue US$25.60 billion (2019)[4]
US$2.72 billion (2019)[4]
US$2.38 billion (2019)[4]
Total assets US$28.36 billion (2019)[4]
Total equity US$9.71 billion (2019)[4]
Number of employees
~27,000 (December 2019)[4]
Subsidiaries
Websitewww.paccar.com

History
Seattle Car and Foundry works at Renton, Washington, 1916.

In 1905, William Pigott, Sr. founded Seattle Car Mfg. Co. to produce railway and logging equipment at its plant in West Seattle. In February 1908, the Seattle Car Manufacturing Co. opened a modern railcar manufacturing plant in Renton. The destruction of Seattle Car's Youngstown plant by fire, coupled with the repercussions of the national financial panic of 1907, had placed the company in voluntary receivership. The new plant gave the business new momentum and company president William Pigott (1860-1929) and in particular the company vice president Oliver D. Colvin successfully shepherded the company through this difficult period. The company later merged with Twohy Brothers of Portland in 1915 to become Pacific Car and Foundry Company, a name it retained for the next 55 years. In 1924, William Pigott sold control of the company to American Car & Foundry Company.

Paul Pigott, son of the founder, acquired a major interest in the company from American Car in 1934. Under his leadership, the company expanded its products and introduced the Carco line of power winches for use on crawler tractors in the logging industry. This product line later became the basis for PACCAR Winch, located in Oklahoma, which now includes Braden, Carco and Gearmatic.

The company entered the heavy-duty truck market in 1945 with its first major acquisition, Kenworth Motor Truck Company of Seattle. Pacific Car and Foundry greatly expanded its heavy-duty truck capability with the purchase of Peterbilt Motors Company in 1958. That same year, the acquisition of Dart Truck Company permitted its entry into the entirely new market of mining vehicles.

The company's Structural Steel division fabricated the steel for the construction of the Space Needle for the 1962 Seattle World Fair. Later, it played a major part in the construction of the Grand Coulee Dam's third powerhouse as well as the World Trade Center in New York.

In 1960, Kenworth expanded into Mexico, with 49 percent participation in an affiliate company, Kenworth Mexicana S.A. de C.V. In 1966 PACCAR entered the Australian truck market with the establishment of a Kenworth truck assembly plant near Melbourne.

Also in 1960, Carco Acceptance Corporation, currently PACCAR Financial Corp, was launched to facilitate domestic sales of trucks.

In 1968 the Dynacraft division was formed to provide belts, hoses, adapters, and other accessories for Kenworth and Peterbilt truck plants.

Kenworth Australia purchased 28 acres (11 ha) of land at suburban Bayswater – 18 miles (30 km) east of Melbourne, in 1969, to build a factory and office complex. By the end of 1970, the 56,000 sq ft (5,200 m²) complex was completed. Initially, trucks were produced on a completely knocked down basis. During Kenworth Australia's subsequent history, it become a major force in the local, New Zealand and Papua New Guinea markets.

Believing "Pacific Car and Foundry Company" no longer accurately reflected the company's products and activities, directors and shareholders voted to adopt PACCAR Inc as its new name in 1972.

In 1972, PACCAR International was formed in Bellevue, Washington to consolidate the sales and service of company products abroad. PACCAR Parts was established in Renton a year later to supply aftermarket parts.

In 1975 PACCAR purchased International Car Company of Kenton, Ohio, North America's leading caboose manufacturer.

PACCAR Leasing Corporation was formed in 1980 to offer full-service leasing and rental programs through PACCAR's dealer network. A year later, PACCAR became a European truck manufacturer with the acquisition of Foden Trucks in England.[9][10]

PACCAR's new Technical Center opened in July 1982. Located approximately 65 miles north of Seattle, the multimillion-dollar center underscored the company's commitment to technical excellence, quality and value in the products it manufactures.

In 1986, PACCAR acquired Trico Industries, manufacturing oil field pumps and accessories. In December 1997 Trico was sold to EVI of Houston.

In 1987, PACCAR acquired Washington-based Al's Auto Supply, an aftermarket retailer and wholesale distributor of auto parts and accessories. In 1988, PACCAR expanded its subsidiary PACCAR Automotive. when it purchased Grand Auto, a California based retailer of auto parts and accessories. In October 1999, PACCAR Automotive was sold to CSK Auto.

PACCAR solidified its place in the Mexican heavy-duty truck market by purchasing the remaining portion of its Mexican operation, VILPAC, S.A. in 1995.

The acquisition of DAF Trucks in 1996 and Leyland Trucks in 1998 established PACCAR as one of the major truck manufacturers in the world.[11][12][13] DAF Trucks is a Netherlands-based truck company with production facilities in Eindhoven, The Netherlands and Westerlo, Belgium. Leyland manufactures DAF trucks at its plant in Leyland, England.

PACCAR was awarded the National Medal of Technology at the White House in 2003 for its leadership in the development of aerodynamic, lightweight commercial vehicles which led to reduced fuel consumption and increased efficiencies.[14][15]

In 2010, PACCAR unveiled its PACCAR MX engine line in North America; DAF has been building engines in Europe since 1957. PACCAR invested $400 million in the PACCAR Engine factory and technology center in Columbus, Mississippi, to manufacture the proprietary engines.

In 2013, PACCAR expanded its global operations with the opening of a new DAF factory in Ponta Grossa, Brazil. The company invested $320 million in the 300,000 sq ft assembly facility on 569 acres. The factory assembles the DAF XF and CF vehicles for the South American market.[16]

PACCAR announced its Silicon Valley Innovation Center in Sunnyvale, California in 2017.[17] The center coordinates next-generation product development and identifies emerging technologies that will benefit future vehicle performance.[18]

PACCAR Winch, with brands Braden, Gearmatic and CARCO[19] has its main office and a plant in Broken Arrow, Oklahoma, and another plant in Okmulgee, Oklahoma.[20]

Paccar MX engine

Financials
As of 2019[21]
Fiscal Year Revenue (Billions USD)
2008 $14.97
2009 $8.09
2010 $10.29
2011 $16.36
2012 $17.05
2013 $17.12
2014 $18.99
2015 $19.12
2016 $17.03
2017 $19.46
2018 $23.50
2019 $25.60

See also

References
  1. "Beginnings of PACCAR Inc". Washington State History Encyclopedia. 4 Feb 2005. Retrieved 25 Jun 2013.
  2. "PACCAR Inc". Reuters Markets. 30 Dec 2012. Retrieved 28 Jun 2013.
  3. "PACCAR Board of Directors". PACCAR Inc. Archived from the original on 31 December 2016. Retrieved 2 May 2014.
  4. "PACCAR Inc 2017 Annual Report (Form 10-K)". sec.gov. U.S. Securities and Exchange Commission. January 2018.
  5. "Fortune 500 Companies 2018: Who Made the List". Fortune. Retrieved 2018-11-21.
  6. "Heavy & Medium Duty Market Research Report" (PDF). PRWeb. Retrieved 26 May 2013.
  7. "DAF trucks at New Delhi AutoExpo". Trade Development Alliance of Greater Seattle. 10 Jan 2012. Archived from the original on 27 March 2016. Retrieved 25 June 2013.
  8. "Home |PACCAR". www.paccar.com. Retrieved 2017-08-18.
  9. Saviour for Fodens Commercial Motor September 27, 1980 page 5
  10. Fodens takeover: 1,600 jobs lost Commercial Motor October 18, 1980 page 5
  11. Paccar set to rake over Daf Trucks Commercial Motor October 10, 1996
  12. Paccar aims to cut queue Commercial Motor May 7, 1998
  13. Paccar acquires Leyland Trucks Automotive News Europe May 11, 1998
  14. "Paccar awarded national medal of technology". CCJ digital. 15 February 2006. Archived from the original on 16 December 2013. Retrieved 25 June 2013.
  15. "PACCAR Inc honored with National Medal of Technology". Automotive World. 22 February 2006. Retrieved 25 June 2013.
  16. "Paccar Begins Production of DAF Trucks in Brazil". Transport Topics. 2 October 2013. Retrieved 16 August 2019.
  17. "Truck giant Paccar plans to open innovation center in Silicon Valley". Puget Sound Business Journal. 25 July 2017. Retrieved 16 August 2019.
  18. "PACCAR Innovation Center".
  19. "Home Page". PACCAR Winch. Retrieved July 14, 2020.
  20. "Home/Contact Us". PACCAR Winch. Retrieved July 14, 2020.
  21. "Investors - Investor & Shareholder Information | PACCAR". www.paccar.com. Retrieved 2020-03-18.

Notes
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