Some Egyptian help for Harvester
Peoria, Ill. — It looks as if the financially hard-pressed International Harvester Company will be getting a lift from the Egyptian government.
Egypt has granted new manufacturing contracts to the company, says Sen. Charles Percy (R) of Illinois, who is on a visit to Egypt.
The Peoria-based Harvester, which recently completed an agreement with 193 lenders to stretch out $3.5 billion in short-term loans, will build 105 dump trucks worth $3 million for the Egyptians, Mr. Percy announced.
The company, pushed to the edge of bankruptcy before the refinancing agreement was completed, will also build the Egyptians 42 truck chassis for another $1.45 million.