discuss our results. Kirk. to the quarter thanks today everyone first And you, to joining Thank for call
an knowledge suited as Given and its with management goals. with progress weeks the our the as CVG years our long last Director for last briefly this and strategy I’d working Independent is been first I’ve the introduce my for earnings CEO. call Company, as My well myself. to eight customers you background team towards like term six we was the and of experience
pandemic said, unexpected. and our impact was the magnitude of on its That very the and COVID business swift
action. team our immediately sprung into However,
that results. early pandemic included interim in as quarter to we our actions provided well May, response update the COVID an in first as you As saw preliminary our
week our parts term loan, amended Furthermore, certain agreement long-term expands our Company. the right to a This post-COVID size the announced revolving to we’ve flexibility new -- Company last provides our to additional we of that Company and asset-based ability facility. improve with environment, credit our and excuse me, the
market liquidity discuss will late to cyclical Tim meet continue in been into a As restructuring we started operating XXXX COVID, already had of end for Prior believe is of growth our ample which to beginning to the our preparing that demand, later, and needs. onset continued and we in slowdown sufficient XXXX. the
OEM first our we including our The all supply January. to in suspensions, and regions, operations COVID our North virus America, operations in to through plants. scale affected own in as Shanghai, those then, those pandemic And temporary shutdowns spread China Europe significantly the know, impacted and and dramatically our production back
is On operating material military a our China are pre-COVID as rates note, businesses. our positive and at business handling now
it less sizable been production. new on Additionally, vehicle to aftermarket business impact our commercial than been the has has
time by has short new our adjust Independent CEO, very realities transitioned the been a I’ve how this operational since Director only While global that impressed to us. to it together I came been has action took team crisis from and rapidly to brought
personal remains alongside underway, work and our protective health I’m social sanitizing have of our implemented requirements distancing driven and cleaning is individuals. equipment. top proud safety provided working The where and processes, for priority. and to we dedicated And be heightened such employees our
keep this in fact, we our and uncertain them during families In masks their all employees for producing time. at Saltillo, of are help Mexico, plant our to safe
we and the immediate can preserving the restart current of alignment the so operations the the headwinds, significant CVG these of leadership realities business that to is face the our focus marketplace In of our efficiently. team capabilities
We environment, cost current protect our to liquidity structure series progressively business our the and and a reduction are practices align cost preserve further of to workforce. measures implementing
in These well measures expenses. include reductions as permanent discretionary reduction of the most salaried reductions, compensation workforce, big as temporary furloughs,
charts while lean and we occur. working our org are are to We can developments capital further prepared investments remaining where as managing implementing staffing actions take tightly
customers been key we’ve closely to Additionally, working projects short-term with production our and prioritize decisions.
end Turning our to markets.
truck medium the As I in North into mentioned, cyclical a already American XXXX. heavy-duty and markets coming decline were
which to XXXX in XX% and our XX%. X was initial production outlook Class on of X-X signaled noted industry our commentary, Class production of in approximately year-end XXXX data, XX% As based for approximately declines decline
to XX% decline markets of construction we global We serve. anticipated also XX% in the a
of truck April temporarily production, closed March, American efficiencies began curtailed customers more As come their the And our the subsequently have a resulting North a second through and result and production markets that significant of specifically, in continued and COVID-XX to facilities May. in pandemic, half have halt. the early
as a sync. result, in operations Substantially are restarting restarting are of all major process of our we And in customers production. our the
and and expect Given the COVID-XX its throughout we the second as see inefficiencies global quarter operations, restart we of on the majority business nature impact plants. the pandemic timing production of to our
the the unknown. of and span recovery time is However, pace
point, and this for term our expectations low, build rates At short we are the accordingly. staffing in remain
builders term. vehicle However, near there consensus in is lower a persist among production that the will commercial levels
for pandemic. e-commerce in business have have [Technical as an As outbreak pre-COVID Encouragingly, levels. the been handling, and the of seen for applications operating grows demand we earlier, in importance portions our mentioned material following a I military Difficulty] uptick of at surge
As the a result, facilities. FSE from one operations to two three utilizing expanded plant plants, CVG we existing
to surge industry material and equipment. key with players handling of of take advantage We demand the are this well-positioned are aligning in
on issues short sales COVID-XX, our term long-term strategy. presented work through we diversification the we remain by As focused
opportunities altogether. last and to delivery, expand into the are markets aggressively pursuing and market, vehicle We market electric non-commercial vehicle diversify mile
and to market the environment. well military to actions encouraging had non-cyclical other align position, with immediate decisive end the handling, have have customers We in material new as expand and taken grow confident in market We organization remain conversations our markets. we to and as aggressively
While of to strategy the see crisis of position to position will in a to in entered the pandemic when effects Company future this long-term the we COVID-XX quarters, in. our in we the emerge stronger than from remain prudent expect we execution
I financials that, more the turn to who the call detail. over in discuss Tim will will With
