July 8, 2008, Bellevue, Washington PACCARs Board of Directors declared a quarterly cash dividend in the amount of eighteen cents ($.18) per share, payable September 5, 2008, to stockholders of record at the close of business on August 18, 2008, according to Mark C. Pigott, PACCAR chairman and chief executive officer.
The PACCAR Board of Directors today approved the repurchase of an additional $300 million of its outstanding common stock. PACCAR is nearing completion of its previously announced $300 million share repurchase program. PACCAR has invested $1.24 billion to repurchase 33 million shares and paid $2.26 billion in dividends since January 2005. PACCARs strong net profits and excellent cash flow make the companys shares an attractive long-term investment, said Mike Tembreull, vice chairman. The stock repurchase program reflects the Boards confidence in PACCARs successful global business growth. PACCAR has earned a net profit for 69 consecutive years and has paid a dividend every year since 1941. PACCAR has established itself as a global leader in financial services, aftermarket customer support, information technology and lean manufacturing.
DAF Trucks is increasing its production by five percent in September to meet strong customer demand for its award-winning vehicles. Aad Goudriaan, DAF president, commented, DAF is growing in Western and Central European markets as customers realize the benefits from DAF vehicles industry-leading product quality and low cost of operation. The European truck markets are expected to set new registration records this year. In addition, PACCAR Parts new distribution center in Budapest, Hungary, has begun service to dealers and customers in Central Europe.
PACCAR is the industry leader in the development of environmentally friendly technologies, said Tom Plimpton, PACCAR president. PACCARs medium-duty hybrid vehicles are estimated to deliver up to 30 percent better fuel economy and are planned to be in production by mid-2008. PACCARs no-idle climate control and hotel power load solutions in Kenworths CleanPowerTM and Peterbilts ComfortClassTM vehicles reduce emissions by 12 percent and improve fuel economy up to 8 percent, added Plimpton.
PACCAR is a global technology leader in the design, manufacture and customer support of high-quality light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt and DAF nameplates. It also provides financial services and information technology and aftermarket support for its customers worldwide. PACCAR shares are traded on the Nasdaq Stock Market, symbol PCAR, and its homepage is www.paccar.com.