LISLE, Ill. (WTVA) -- Navistar International says it will cut 500 jobs after suffering a loss during the third quarter of 2013.
Company officials on Wednesday annoucned a loss of $247 million, or $3.06 per share.
The company reported $2.9 billion during the quarter.
The job cuts will affect 500 workers and long-term contractor positions, a move they say will save between $50 million and $60 million in 2014.
Company officials say the move to resize the company will allow them to match the current business environment.
Navistar is the parent company of Navistar Defense, who idled a plant in West Point earlier this year after the completion of military contracts.